Health care (medical or dental) that can be delayed without risk to the patient’s physical condition such as eye refraction, immunizations, and dental prophylaxis).
Insurance Encyclopedia
Deferred Payment Credit
Type of letter of credit providing for payment sometime after presentation of shipping documents by exporter.
Deferred Payments
Money payments to be made at some future date.
Deferred Payments Bonds
Bonds issued to the lender of money guaranteeing return of money by the loanee at some future date.
Deferred pension/preserved pension
1. A pension based on accrued benefits from an individual’s membership of a previous pension scheme. The preserved benefits remain frozen until the scheme’s normal retirement age for members with two or more years service. In final salary schemes the deferred pension can attract See discretionary benefits. DEFERRED PENSIONER. 2. The term is also used when a member takes a pension later than the normal retirement age.
Deferred pensioner
A former active member of an occupational pension scheme whose benefits remain in the scheme as preserved benefits until transferred to a new scheme or a personal pension or drawn as a pension at a later date. See DEFERRED PENSION.
Deferred Period
A period specified in a permanent health policy that must elapse after disablement occurs before benefits starts to run.
Deferred period/deferment period
A period of delay prior to the payment of benefits in respect of any claim under an income protection insurance. The period may be 4, 13, 26 or 52 weeks chosen by the insured based on the period during which full salary is payable under the employment contract. Compare with WAITING PERIOD.
Deferred premium (Life Insurance)
Premiums on a life insurance policy that have yet to be paid and are not yet due.
Deferred premium arrangement
Agreement between the insurance company and the policyholder (company or business) to extend a group insurance policy’s grace period permanently by either 30, 60, or 90 days. This allows the policyholder to use the deferred premium amounts for the length of time by which the grace period is extended. Such an arrangement is usually granted to companies with excellent credit ratings. Also called a premium-delay arrangement .