Definition of "Waiting Period"

In order to become eligible for coverage under some group health and disability insurance policies, an individual must satisfy a certain number of continuous days of service as an active, full-time employee. This is known as the waiting period. (In addition, a waiting period can also be the time period between when a disability occurs and when payments from the disability insurance policy begin.)

A period of time set forth in a policy which must pass before some or all coverages begin.