1. Time during which premiums are payable on a deferred annuity contract. 2. Precise time period during which the insured must incur eligible medical expenses that satisfy a required deductible. This applies to major medical or comprehensive medical plans. ************
A specified period of time, such as 90 days, during which the insured person must incur eligible medical expenses at least equal to the deductible amount in order to establish a benefit period under a major medical expense or comprehensive medical expense policy.