What does Elimination Period mean? Read on to discover the definition & meaning of the term Elimination Period - to help you better understand the language used in insurance policies.
An elimination period refers to the duration of time starting from the time an injury or illness commences to the time the insurance company provides the relevant benefit payments to the policyholder. Elimination periods usually range from 30 to 365 days, depending on the type of policy. This period is a common feature in long-term insurance and disability insurance. During the elimination period, the policyholder bears the entire responsibility for paying for the expenses needed for treating the illness or injury.
We hope the you have a better understanding of the meaning of Elimination Period.