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What is an excess or waiting period?

April 26, 2017excess period waiting

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What is an excess or waiting period?

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Policies of this type carry either an excess or a waiting period. This is the time from the start of your absence from work during which you do not receive any money (similar to a policy excess under your car insurance your claim on your car insurance has to exceed the policy excess before you can claim). Under an Accident, Sickness & Unemployment (ASU) Insurance, if you are off work for less than this period, you cannot claim.