A waiting period is a time frame individuals must wait before accessing company, insurance, or unemployment benefits. Definition of Waiting Period A waiting period in a workers' compensation claim is a type of worker deductible. Insurers use them to eliminate small claims and encourage responsibility. You may also hear it referred to as a qualifying period or, in the case of a waiting period for health insurance claims, an elimination period. Though relatively less restrictive than other accounts, Roth IRAs do impose a waiting period on certain withdrawals, known as the five-year rule. The period begins on the date you enter an eligible class and ends on the date you complete six months of … What Does Waiting Period Deductible Mean? See more. The period between the time when someone’s name has been put on the waiting list and his or her admission into hospital. Eligibility Waiting Period means the period of continuous membership in an eligible class that you must wait before you become eligible for coverage under the Plan. Waiting Week The waiting week is the first week of your claim for which you are eligible for benefits, but not paid. However, if there is a break in insurance, the Waiting Period will apply again. A waiting period deductible is a provision in an insurance contract that specify a length of time during which the policyholder must shoulder the cost of care or loss before benefits kicks in. Consummation may occur on or after the seventh business day after the delivery or mailing of the initial Loan Estimate. This shall not be applicable after the first year of cover. The waiting period for the new claim may be taken from the last week of the old benefit year if she is otherwise eligible for that week. Waiting Period Deductible — (1) A deductible provision sometimes used in business interruption (BI) and other time element policies, in lieu of a dollar amount deductible, that establishes that the insurer is not responsible for loss suffered during a specified period (such as 72 hours) immediately following a direct damage loss. The period beginning with the first day an employee works for an employer and extending through the last day he/she works prior to a termination. A “waiting period” is defined as the period of time that must pass before coverage becomes effective for an employee or dependent who is otherwise eligible to enroll in the plan. Under the ACA, all calendar days are counted beginning on the enrollment date, including weekends and holidays. Example of 7 day Waiting Period: if a creditor delivers the early disclosures to the consumer in person or The 7 Day Waiting Period: Use the precise definition of Business Day here. 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