The formula to calculate the Waiting Period (WP) is:
\[ WP = \frac{TD - SD}{DPD} \]
Where:
A waiting period is a designated amount of time that must pass before certain benefits in an insurance policy or other contractual agreement can begin. It is often used in health insurance policies, where the insured must wait a certain period of time before coverage starts for certain medical conditions or procedures. This is typically used to prevent people from signing up for insurance only when they need immediate coverage. The length of the waiting period can vary depending on the policy or contract.
Consider an example where:
Using the formula to calculate the Waiting Period:
\[ WP = \frac{2024-12-31 - 2024-01-01}{30} = 12 \text{ divisions} \]
This means that the waiting period for this example is 12 divisions.
