Final answer:
The elimination period is the term used for the waiting phase after an insured individual qualifies for benefits and before the insurer starts to pay out.
Step-by-step explanation:
The term that refers to the waiting phase between the time the insured individual qualifies for benefits and when the insurance carrier begins providing benefits is known as the elimination period. This is a typical feature in disability insurance policies, where there is a predetermined amount of time that must pass after a disabling event before the insurance company starts paying out benefits. The elimination period can vary from a few days to several months, depending on the specific terms of the policy.