Insurance companies use consecutive period calculations when paying benefits to a policyholder who goes to the hospital for the same injury. Each visit is considered part of a consecutive period of time, and each visit is considered part of the continuation of the first injury and not a new injury. Insurance companies often need a period of time to elapse between benefit periods to consider them as non-consecutive periods. This is called a “waiting period” or an “elimination period”. The period may vary depending on the type of injury, with benefits paid for only one injury at a time. During the waiting period, the policyholder should be able to work a certain number of hours to be considered part of active employment. Successive periods are periods that follow one another directly and chronologically and are connected by a common event. THE INITIAL TERM is usually the first period covered by a contract or contract (the duration) at the end of which the contract terminates or is automatically renewed under specified conditions (renewal period), para. B example a one-year contract.
Successive periods are used to mark the continuation. For example, someone who buys a subscription to a monthly magazine receives one issue per month for twelve months, with the series of months being considered a consecutive period. The common link between the months is the subscription that the person has purchased. “Successive periods. The term of this plan is automatically extended by an additional one (1) year at the end of the initial period, and then again after each subsequent period of one (1) year thereafter (each of these (1) years after the initial period is called a consecutive period). However, the Committee may terminate this Plan at the end of the original term or at the end of a consecutive period thereafter by providing officers with a written letter of intent to terminate the Plan made at least six (6) months before the end of such initial term or consecutive period. Below are some standard languages found in a contract versus consecutive periods: Consecutive periods are used in contracts to define the duration of the contract. For example, a one-year contract consists of 12 consecutive months, with the first month beginning on the effective date and the last month ending on the anniversary of the contract.
The signing of the contract is considered the common event that connects the 12 months. With disability insurance contracts, it is important to know how insurance companies calculate the time it takes to provide benefits for injuries sustained. Insurance contracts provide for a maximum benefit period during which the policyholder can receive benefits for an injury. In the case of a disability contract, the benefits in question represent a percentage of the policyholder`s income. The benefit period includes the number of days benefits are received for a single injury or for consecutive periods of disability. As soon as the maximum performance time is reached, no further benefits are paid. Enter a term, and then click the entry that you want to display. VERIFIABILITY is when the fact can be tested (verified or falsified) by experience or observation.
THE FORCED LIQUIDATION VALUE is the value at which the asset or assets are sold as quickly as possible, for example during .B an auction. .