Definitions for "Deferred Period"
Keywords:  wait, elapse, phi, annuity, longer
In relation to Permanent Health Insurance (PHI) / Income Protection, refers to the period between the commencement of illness, and the date at which eligibility for payment of benefit under the insurance policy would commence. In relation to a Deferred Annuity, refers to the period between payment of the premium and commencement of the annuity payments.
See "Excess Period".
A set period for which the insured is not covered. Often the period will be between 7 and 28 days and the insured will not receive payment until this period has elapsed. Most commonly found to exist under a Personal Accident and/or Sickness Insurance policy.