A waiting period is the period of time between when an action is requested or mandated and when it occurs.
In the United States, the term is commonly used in reference to gun control, as some U.S. states require a person to wait for a set number of days after buying or reserving a firearm from a dealer before actually taking possession of it. This waiting period allows the state to perform a background check to confirm that the purchaser is legally permitted to possess a firearm. In theory, waiting periods may also be in place to serve as a "cooling off" period for potential buyers who may wish to commit crimes in the "heat of the moment". Studies have shown that just a 3 day waiting period can reduce the number of homicides that will occur in a state by 17%. Some states have already adopted a waiting period before one can purchase a firearm. In the state of California, the waiting period is 10 days. Moreover, someone who has previously passed the background check and was able to purchase a firearm will still be subject to the same 10 day waiting period before obtaining another firearm.
Waiting periods are also used for new insurance policies, particularly health insurance and flood insurance. Incidents which occur during this time are not claimable. The term may also refer to the time between the making of a claim and the payment of it, also called the elimination period.
In business finance, a waiting period (or quiet period) is the time in which a company making an initial public offering (IPO) must be silent about it, so as not to inflate the value of the stock artificially. It is also called the cooling-off period.
- Waiting period (Six-Day War)
- Waiting Period (novel by Hubert Selby, Jr. published in 2002)
- Queue (disambiguation)
- Inc., US Legal,. "Waiting Period Law and Legal Definition - USLegal, Inc". definitions.uslegal.com.
- "Waiting Periods - Law Center to Prevent Gun Violence". smartgunlaws.org.
- Inc., US Legal,. "Waiting Period (Health Care) Law and Legal Definition - USLegal, Inc". definitions.uslegal.com.
- "Legal Dictionary - Law.com". Law.com Legal Dictionary.