Initial coverage election period

For Medicare beneficiaries, this is a time 3 months immediately before a person is entitled to Medicare Part A and enrolled in Part B. If he or she chooses to join a Medicare health plan during the initial coverage election period, the plan must accept him or her. The only time a plan can deny enrollment during this period is when it has reached its member limit. This limit is approved by the Centers for Medicare and Medicaid Services (CMS). The initial coverage election period is different from the initial enrollment period (IEP). See election period .

initial enrollment period (IEP)

One of four periods during which an individual can enroll in Medicare Part A. The IEP is the first chance the person has to enroll in Medicare Part A. This period starts 3 months before he or she first meets all the eligibility requirements for Medicare and continues for 7 months. Also see annual enrollment period (AEP), general enrollment period (GEP), open enrollment period (OEP), special enrollment period (SEP) , and transfer enrollment period (TEP) .

Initial Period

In business interruption insurance a period of so many weeks after the occurrence of material damage during which the insured is protected against loss in relation to wages to the full extent of his wage roll.

Initial Premium

Amount charged at the beginning of coverage but subject to change after additional experience or information has been obtained.
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MEDICAL,USA: Amount to be paid at the beginning of insurance coverage but subject to change after additional experience or information has been obtained.
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The premium paid at the beginning of the policy. This amount may be adjusted at the end of the contract term.