Kentucky Health Insurance Practice Exam

In health insurance policies, what is the term for a delay in the initiation of an insurance claim?

1. Grace period

2. Waiting period

3. Coverage gap

4. Exclusion period

The correct answer is: Waiting period

The correct term for a delay in the initiation of an insurance claim is the waiting period. This term is commonly used in health insurance to refer to a specified period during which certain benefits will not be payable, even if a claim is made. During this time, the insured must wait before they can access specific coverage, often related to pre-existing conditions or newly added benefits. Understanding waiting periods is crucial for policyholders, as it directly impacts when they can receive coverage after a policy is issued or when specific conditions apply. For instance, some health plans impose a waiting period for new enrollees or for certain benefits to kick in after the policy starts. Hence, being aware of the waiting period helps individuals manage their healthcare needs appropriately within the confines of their policy.