Definition: Insurance with no waiting period, commonly referred to as an in-transit or instant insurance policy, can be defined as a type of insurance where the premiums are paid directly by the insured at the time of claim, without a need for wait times or prior approval from your insurer. This means that if you file a claim and the insurer accepts it within a certain timeframe (usually 30 days), they will pay you directly, with no waiting period before any claims can be settled. In an in-transit insurance policy, this typically occurs when the claim is processed through the mail or over the phone. The policyholder pays a fixed fee for the claim processing, and the insurer then pays out the amount of their premium within 24-48 hours after receiving the claim. The term "instant" refers to how quickly the claim is paid out. This means that once an insurance policy has been purchased or issued, there are no wait periods before it can be used for a claim. The insurer's policy typically covers a set period of time between when the policy was purchased and when it needs to be used. In summary, an in-transit or instant insurance policy is a type of insurance where the premiums are paid directly by the insured at the time of claim without a need for wait times or prior approval from the insurer.

insurance with no waiting period