Successive Periods

What Are Successive Periods?

Successive periods are periods of time that follow each other right away and sequentially, and which are linked together by a common event.

Figuring out Successive Periods

Successive periods are utilized in contracts while characterizing how long the contract period will last. An extended contract, for instance, will be included 12 successive months, with the primary month starting on the effective date and the last month ending on the contract anniversary date. The contract signing is viewed as the common event connecting together the 12 months.

Successive periods are utilized to indicate continuation. Somebody who purchases a subscription to a month to month magazine, for example, will receive one issue every month for quite a long time, with the string of months thought about a successive period of time. The common connection between the months is the subscription the person purchased.

Insurance companies utilize successive period computations while giving benefits to, a policyholder hospital for a similar injury. Each visit is viewed as part of a successive period, and each visit is viewed as part of a continuation of the main injury, instead of another injury.

In disability insurance contracts, it's important to know how insurance companies ascertain the amount of time that benefits will be accommodated wounds endured. Insurance contracts accommodate a maximum benefit period where the policyholder can receive benefits for an injury. On account of a disability contract, the benefits being referred to are a percentage of the policyholder's income. The benefit period incorporates the number of days that benefits are drawn for a single injury or for successive periods of disability. When the maximum benefit period has been reached, no further benefits will be paid.

Insurance companies frequently require a period of time to elapse between benefit periods to think of them as non-successive periods. This is called a "waiting period" or "disposal period." The amount of time might differ as indicated by the type of injury, with benefits just paid for each injury in turn. During the waiting period, the policyholder ought to have the option to work a certain number of hours to be viewed as part of active employment.

Successive Periods Contract Clause Example

The following is some boilerplate language that might be found in a contract in regards to successive periods:

"Successive Periods. The term of this plan will naturally be extended for one (1) extra year toward the finish of the initial term, and afterward again after each successive one (1) year period from that point (each such one (1) year period following the Initial Term is alluded to as a successive period). Be that as it may, the committee might terminate this plan toward the finish of the initial term, or toward the finish of any successive period from there on, by giving the executives written notice of intent to terminate the plan, delivered something like six (6) months prior to the furthest limit of such initial term or successive period."

Features

• Corporations may likewise report financial figures meaning expanding gains or losses over successive periods.
• In finance, contracts will mean successive periods in the term for which the contract is substantial.
• For insurance contracts, successive periods are utilized in disability policies to mean the exclusion period and benefit period terms.
• Successive periods are timespans the quickly follow each other.