Qualification period

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Qualification period

A period of time during the first few months or weeks of a new policy when an insurance company will not reimburse a policyholder for a claim in order to allow the insurance company time to find any fraudulent information in the application.

Qualification Period

In insurance, a period of time during which a policyholder is making premium payments but during which the insurer is under no obligation to provide coverage. That is, during the qualification period, the policyholder and insurer have entered into a binding contract in which the insurer does not have to fulfill its end if an insured event occurs. The qualification period exists to give the insurer time to determine whether there is any fraud on the part of the policyholder, and to ensure that the policyholder will not abuse the policy. The qualification period usually lasts a few weeks or months.
References in periodicals archive ?
Van Commenee said: "The changes to qualification periods are welcomed as athletes will have more opportunity to meet our standards, which are not easy to achieve, to produce the best from our team.
UK Athletics head coach Charles van Commenee has welcomed the extension of the IAAF's qualification period for the London 2012 Olympics.
The qualification periods should account for "every day" that the member is qualified.
However, Fitch is also seeing an increased amount of interest rate reduction programs with shorter qualification periods of late and expects further product offerings due to the recent repeal of the single holder rule," according to Managing Director Claire Mezzanotte.
However, the qualification periods for full design acceptance of the LAAPD technology, as I have previously reported, can be as long as several years.
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