The uniformed staff of the Corporation of Lloyd’s, who perform general duties, wear red gowns and are known as ‘waiters’ reminiscent of the coffee house from which Lloyd’s originated.

1. The prescribed amount of time, e.g. 30 days, following the issue of the policy that must pass before the policy will respond to an insured event. Income protection policies eliminate any disability due to sickness that commences during the waiting period. Disability commencing subsequently will be covered under the policy’s normal terms that will generally include a deferred period. 2. The period of employment that must elapse before a new employee can join his company pension scheme or group life scheme.
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A period of time set forth in a policy which must pass before some or all coverages begin.
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Specified period of time which must elapse after inception of Policy before benefits provided by certain Insurance policies become payable.
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The duration of time between the beginning of an insured person’s disability and the start of the policy’s benefits. Also called elimination period.

Marine insurance clause that entitles both the insurer and the insured to take measures to rent or reduce loss without prejudice to their respective rights. They do not by their actions take up a fixed position on abandonment or a constructive total loss.

Health/life policy option whereby the insurer waives premiums when the insured is incapacitated through sickness or disability. Similar provisions are available in personal pension schemes when the provider agrees to credit ongoing premiums for the benefit of the scheme member.
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A provision that under certain conditions the Insurance Policy will be kept in full force by the Insurance Company without the payment of premium. It is used quite often as a total and permanent disability benefit and may be available in certain other cases.
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A provision included in some policies which exempts the insured person from paying premiums under loss-of-income policies while the insured is collecting loss-of-income benefits or during a period of total disability, and under some hospital and surgical expense policies while the insured (or spouse) is totally disabled.