Insurance Awareness - Health Insurance
Which of the following best explains the 'waiting period' in Critical Illness Insurance policies?
Which of the following best explains the 'waiting period' in Critical Illness Insurance policies?
medium Q7 of Q15
Step-by-Step Solution
Step 1: Define waiting period
The waiting period is the initial period after policy start during which claims for critical illnesses are not payable to prevent immediate claims on pre-existing conditions.Step 2: Evaluate options
Time during which no premium is payable is incorrect as premiums are payable; Time allowed for claim settlement and D do not define waiting period.Final Answer:
Period after policy issuance during which claims for critical illnesses are not payable → Option AQuick Check:
This is a standard insurance term applicable to critical illness policies.
Quick Trick: Waiting period = no claim for initial months.
Common Mistakes:
MISTAKES- Confusing waiting period with claim settlement time.
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