Which term describes the period an insured must wait before becoming eligible for disability benefits?

The term that describes the period an insured must wait before becoming eligible for disability benefits is the "elimination period." This is a specified duration, typically measured in days or months, during which the policyholder must be disabled before they can start receiving benefits from their disability insurance. The purpose of the elimination period is to prevent the payment of benefits for short-term disabilities and to encourage individuals to return to work as soon as they are able.

During the elimination period, the insured is responsible for their own financial needs without the support of disability payments, which helps insurance companies manage their risk and costs associated with providing ongoing benefits. The length of this waiting period can vary based on the specific insurance policy, and it's an important factor to consider when purchasing disability insurance, as it impacts how quickly one can access benefits after becoming disabled.

The other terms mentioned do not relate to the waiting period for disability benefits. The premium period refers to the timeframe in which premiums are paid. The benefit period is the length of time that benefits will be paid once they begin. The coverage period typically refers to the duration of time during which the policy provides protection against certain risks.