A policy that provides disability income for a short term period, which is usually defined as less than two years.
Insurance Encyclopedia
Short term disability insurance (Health Insurance)
A type of disability policy, issued to either a group or an individual, which typically covers disabilities that last between 13 and 26 weeks.
Short Term Policy
A policy written for a period of less time than is normal for that type of policy.
Short-form reinstatement application
Document completed for reinstatement of an insurance policy 30 to 90 days after the end of a grace period. To safeguard against reinsuring someone whose conditions may have changed, the insured must answer some questions.
Short-rate cancellation
When an insurance contract is terminated prior to its expiry date by the insured any return premium that is payable will usually be calculated on a time on risk basis. The result is that the insured will receive less return premium than would be the case if the return premium was calculated on a pro rata basis (see pro rata cancellation).
*****
Short-stay hospital
Medical facility with patients who have an average length of stay less than 30 days.
Short-stay patient
Hospital inpatient admitted for 48 hours or less, or hospital outpatient who stays 24 hours or less.
Short-tail
Insurance business where it is known that claims will generally be notified and settled quickly. Contrast with LONG-TAIL.
Short-tail (risk)
A type of insurance where claims are usually made during the term of the policy or shortly after the policy has expired. Property insurance is an example of short tail business. The opposite of short tail business is long tail business.
Short-Tailed Business
Types of insurance in which most claims are usually notified and/or settled in a short period from the date of exposure and/or occurrence.