What is an insurance policy's "waiting period"?

A "waiting period" in an insurance policy refers to a specific timeframe that must pass before coverage begins for certain conditions or benefits. This means that if a policyholder files a claim for a condition that is subject to the waiting period, the insurance company will not pay for those services or treatments until that period has elapsed.

This practice is common in various types of insurance, particularly health insurance and disability insurance, as it helps to manage risks and control costs for the insurer. For example, a health insurance policy may have a waiting period for pre-existing conditions or specific types of procedures.

The other options address different aspects of insurance policies but do not accurately define a waiting period. The time until policy benefits expire relates to the duration of coverage, the grace period is about premium payment timing, and claim processing duration refers to how long it takes for an insurer to review and pay claims.