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.
Athletes finishing in the top two at the Olympic trials next June will be selected provided they hold the "A" standard qualifying mark or finish in the top eight in Daegu, with further selections possible through meeting "A" or "B" standards during the qualification period.
The qualification periods should account for "every day" that the member is qualified.
The Pennsylvania experiment tested four different bonus offers based on two alternative bonus amounts and two alternative qualification periods (Table 1).
The two qualification periods were tied to the claimant's potential UI duration.
The largest impacts were estimated for the most generous bonus offers with the longest qualification periods - PT4 reduced UI receipt by 0.
Second, some claimants who stopped collecting UI within the bonus qualification periods in Pennsylvania and Washington did not claim a bonus.
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.
The realignment of the New Jersey impacts enables one to compare the impacts on cumulative exit rates at comparable points in the qualification periods in the two experiments.
Despite the differences between the New Jersey and Illinois bonus structures, the impacts of the bonus offers on the UI exit rates were similar during the bonus qualification periods.
Despite the differences between the structure and size of the bonus offers in New Jersey and Illinois and the different populations of claimants who were served in the two experiments, the impacts of the bonuses on the UI exit rate during the bonus qualification periods were similar.
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