What does the insurance waiting period mean and is the insurance waiting period the same?

The insurance waiting period refers to the fact that the insurance company will not pay the claim even if an insured event occurs within a certain period of time after the insurance is purchased.

Many people say that they can't understand the insurance contract, but they actually think that there are a lot of professional terms involved, such as waiting period, termination period, policyholder exemption, etc., if you want to understand the insurance contract yourself and not be fooled, then these basic insurance knowledge you need to know: >> super complete! Everything you need to know about insurance is here

1.Set the reason for the waiting period

To put it bluntly, setting a waiting period is what insurance companies use to prevent some people from maliciously cheating on insurance!

If someone feels unwell and feels that something is going to be wrong, he will buy a medical or critical illness insurance first, and then go to the hospital for treatment, in case he is really sick, he can get insurance compensation. In this case, the insurance company will significantly increase the claim payout, and setting a waiting period can go a long way to solve this problem.

The terms of the waiting period are not only good for the insurer, but also good for the consumer, for one simple reason:

If there is no limitation on the waiting period, it will inevitably bring about a sharp cost of claims from the insurance company, and the wool will be reflected in the premium of the insurance product, and the product will inevitably be more expensive.

2.Common ways to deal with the waiting period for various types of insurance

Generally speaking, insurance products with waiting periods mainly include medical insurance, critical illness insurance and life insurance.

The waiting period for medical insurance is generally 30 days;

Critical illness insurance and life insurance are mostly 90 days, and some have 180 days;

There is no waiting period for accident insurance, including medical insurance, critical illness insurance, and life insurance.

3.Senior sister has something to say

The waiting period is not intended to make things difficult for customers, or that insurers can profit from this model, but to prevent moral hazard and treat all customers more fairly. So, the way to avoid accidents during the waiting period is to configure as soon as possible!

1.Critical illness insurance. Insurers who know about critical illness insurance or have bought critical illness insurance know that the waiting period for critical illness insurance is long, generally around 90-180 days, but because the state does not give a clear time regulation for the waiting period, there are great differences in the length of the waiting period for each company's products based on their own considerations, and this difference is more obvious in the attitude towards the waiting period after the insurance.

Some products have a waiting period and the contract ends immediately, but some insurance will still be valid, but there are additional conditions from the insurance company.

2.Medical insurance. The waiting period for medical insurance is mostly about 30 days, and if you suddenly feel uncomfortable after buying medical insurance, it will not work if you want to see a medical insurance reimbursement, because there is a waiting period of 30 days, and no medical illness can be delayed for as long as a month.

However, if the insurance occurs during the waiting period, how to deal with it depends on the terms and conditions. Generally, the insurance company will not pay for the insurance during the waiting period, even if the waiting period is over, the disease will not be compensated, but the contract will continue to be valid; It is important to note that there is no waiting period for renewal.

3.Term life insurance. There are many kinds of term life insurance on the market, but the waiting period is mostly between 90 days and 180 days.

4.Accident insurance. Baomin friends all know that there is no waiting period for accident insurance, but there is a disguised waiting period, that is, the specified effective date, some accident insurance is effective in the early morning of the next day, and some are effective three or four days later, which means that there is a waiting period equivalent to one or a few days, which should be paid special attention to when choosing accident insurance.

As a professional financial product, the insurance clause is often dozens of pages, and many professional terms are estimated to be incomprehensible to the insurance people, and the other is too lazy to read, but the waiting period must be known, and you can directly ask the insurer. In addition to the waiting period, the application period, the effective period, the hesitation period and the grace period, etc., you also need to understand in order to better protect your rights and lay a good foundation for rapid claims settlement in the future.

The insurance waiting period means that there will be a period of time after signing the insurance contract that will not be covered, which means that the insurance company will not be responsible for the unfortunate accident during that time. Many products on the market have a waiting period, but there is one type of insurance that is not available, and that is accident insurance, which has already begun to take effect the day after signing the contract.

The waiting period is set differently for different types of insurance

The waiting period for life insurance and critical illness insurance is generally around 90-180 days.

The waiting period for medical insurance is 30 days.

There is no waiting period for accident insurance, and most of them are effective in the early hours of the next day.

The waiting period is set to prevent the occurrence of sick insurance, which is also divided into intentional and unintentional situations.

For example, some people know that they are sick in advance and then buy insurance. Of course, there are cases where you are already sick but do not know about yourself.

Both of these situations are pre-existing and foreseeable risks, and the insurance company is not a charity, so it is natural to avoid the foreseeable risks in the future as much as possible.

The insurance waiting period is the period of waiting before the insurance contract officially takes effect, during this period, if the insured accident occurs and the beneficiary cannot receive compensation, the number of days of the general waiting period will be agreed at the time of insurance application and indicated in the contract. Therefore, in fact, the shorter the waiting period, the better, such as the people's livelihood tax preferential health insurance, which has no waiting period, takes effect immediately

The waiting period, also known as the observation period, is during which the insurance company will not pay for minor or critical illnesses caused by illness. There is no observation period for mild or serious illness caused by accidents. Before and after purchasing insurance, you must carefully read the content of the insurance contract, including but not limited to the payment period, insurance period, insurance liability, liability exemption, waiting period, etc., and there is also a waiting period

Friends who buy insurance pay attention, what does the insurance waiting period mean? Why is there a waiting period?

For example, the waiting period for critical illness insurance is 90-180 days, and the waiting period for medical insurance is 30-90 days. If the one-year medical insurance does not change companies, there is generally no waiting period for renewal.

The following is the waiting period for a lifetime critical illness product for reference:

The waiting period is 90 days from the effective date of this contract or the last date of reinstatement after the termination of this contract, whichever is later. Waiting period means a period of time during which we are not liable for insurance after the commencement of this contract.

1) During the waiting period, if the insured dies due to illness, we will not bear the insurance liability, but will refund the insurance premium paid to you without interest, and the validity of this contract will be terminated;

2) During the waiting period, if the insured is diagnosed with one or more major illnesses as agreed in this contract by an approved hospital, we will not be liable for the insurance, but will refund the insurance premium paid to you without interest, and the validity of this contract will be terminated;

3) During the waiting period, if the insured is diagnosed with one or more of the moderate diseases agreed in this contract by an approved hospital, we shall not be liable for the insurance, and the insurance premium for the moderate illness and the exemption of insurance premiums for the moderate illness in this contract shall be terminated, and this contract shall continue to be valid;

4) During the waiting period, if the insured is diagnosed with one or more of the minor illnesses agreed in this contract by an approved hospital, we shall not be liable for the insurance, and the insurance premium for minor illnesses and the exemption from insurance premiums for minor illnesses in this contract shall be terminated, and this contract shall continue to be valid;

5) During the waiting period, if the insured is diagnosed with one or more pre-existing diseases agreed in this contract by an approved hospital, we shall not be liable for the insurance, and the insurance liability for the pre-existing diseases in this contract shall be terminated, and this contract shall continue to be valid.

Insured events resulting from accidental injuries are not subject to the above time limit.

The waiting period in insurance, also known as the observation period or exemption period, refers to the specified period after the contract takes effect, even if the insured accident occurs, the insurance company will not be liable for compensation. The waiting period is generally found in sickness and health insurance.

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The purpose of the waiting period is to prevent the policyholder from taking out insurance to receive the insurance money knowing that an insured event is about to occur.

In general, the waiting period is 90-180 days for critical illness insurance and 30-90 days for medical insurance. The waiting period is generally calculated from the effective date of the contract or the date of reinstatement, and is only applicable to the first year of insurance, and for renewable policies, there is generally no waiting period for the renewal year. There is no waiting period for insured events due to accidents.

Most insurance companies in the market will terminate the contract and refund the premium paid after the insurance event that occurs during the waiting period. That is, the insured is no longer covered and the insurance contract is terminated.

A few insurance companies deal with the policy by continuing to be in force, but excluding the minor or critical illness that meets the description of the waiting period, and not paying for the recurrence. All other insurance liabilities remain in effect.

What does the insurance waiting period of 90 days mean.

In order to prevent insurance with illness, insurance companies often set a period during which they will not pay if the risk occurs.

Insurance waiting period: refers to the period during which the insurance contract is in effect, even if an insured event occurs, the beneficiary cannot receive insurance compensation, and this period is called the waiting period.

Waiting period, which refers to a period of time after the effective date of the insurance contract, if the insured has an insured accident agreed in the contract, then the insurance company will not bear the insurance liability, until the end of the observation period, if the insured has an insured accident agreed in the contract, then the insurance company will bear the insurance liability in accordance with the contract. The insurance waiting period is also known as the insurance observation period. The waiting period is an insurance company's insurance fraud in order to reduce the risk and prevent someone from taking out insurance to get a claim immediately, knowing that an insured event is going to occur.

For example, the observation period is from November 15, 2019 to January 15, 2020, during which the insurance company is not responsible for compensation if the insured has an insured event. Starting from January 16, 2020, if the insured has an insured accident, then he can apply to the insurance company for compensation normally, and the insurance company will pay compensation in accordance with the contract. If the insurance is out during the waiting period, the insurance company generally refunds the premium paid and refuses to pay.

Test your anti-risk index, experts will interpret it for you for free!

The insurance waiting period is an issue that needs to be paid attention to when buying insurance and signing a contract, it refers to the period when the contract takes effect, which is generally divided into 30 days, 90 days, and 180 days. The purpose of this deadline is to prevent the policyholder from taking out insurance in advance to obtain benefits by foreseeing the occurrence of an accident.

<> insurance waiting period is a period set by the insurance company to prevent the policyholder from violating the insurance contract, during which the insurance company is not liable. The length of the waiting period depends on the regulations of the insurance company, some insurance companies may not have a waiting period, some may have a 30-day waiting period, and some may have a 90-day waiting period. This article will introduce in detail the meaning, reasons, characteristics and how to deal with the waiting period.

1. What is the insurance waiting period?

The insurance waiting period is a period set by the insurance company to prevent the policyholder from violating the insurance contract, during which the insurance company does not assume any liability and the policyholder does not enjoy the insurance coverage. The length of the waiting period depends on the regulations of the insurance company, some insurance companies may not have a waiting period, some may have a 30-day waiting period, and some may have a 90-day waiting period.

2. The reason for the insurance waiting period.

The insurance waiting period is set to prevent the policyholder from maliciously applying for insurance, for example, some policyholders know that they have a certain disease or symptom, and an insured accident occurs within a short period of time after applying for insurance, which causes huge losses to the insurance company. Therefore, the insurance company sets a waiting period during which the insurance company is not liable if the insured accident occurs.

3. Characteristics of the insurance waiting period.

The characteristics of the insurance hail waiting period are:

1) The length of the waiting period depends on the regulations of the insurance company, some insurance companies may not have a waiting period, some may have a 30-day waiting period, and some may have a 90-day waiting period.

2) During the waiting period, the insurance company does not assume any responsibility for the insured accident occurs.

3) The waiting period is set by the insurance company to prevent the policyholder from maliciously applying for insurance, and the policyholder cannot enjoy the insurance protection during this period.

4. How to deal with the insurance waiting period.

1) Read the insurance contract carefully before applying for insurance, understand the regulations of the insurance company, and determine the length of the waiting period.

2) When applying for insurance, you should truthfully inform your health status and do not conceal or mislead the insurance company, so as not to affect your insurance rights.

3) During the waiting period, you should pay attention to your health and try to avoid insurance accidents, so as not to affect your insurance rights.

The insurance waiting period is a period set by the insurance company to prevent the policyholder from violating the insurance contract, during which the insurance company does not assume any liability and the policyholder does not enjoy the insurance coverage. Before applying for insurance, you should read the insurance contract carefully, understand the regulations of the insurance company, truthfully inform your health status when applying for insurance, and pay attention to your health during the waiting period, so as not to affect your insurance rights.

This article introduces in detail the meaning, reasons, characteristics and how to deal with the waiting period, etc., the insurance waiting period is a period set by the insurance company in order to prevent the policyholder from violating the insurance contract, before applying for insurance, you should read the insurance contract carefully, understand the regulations of the insurance company, and truthfully inform your health status when applying for insurance, and pay attention to your health during the waiting period, so as not to affect your insurance rights.