Insurance Waiver Of Premium Definition
The waiver of premium rider also known as a waiver of premium for disability is an optional addition to your policy that helps prevent your life insurance coverage from lapsing if you become incapable of continuing payments.
Insurance waiver of premium definition. Looking for information on waiver of premium. For an additional fee or an increased premium most insurance companies will incorporate a waiver of premium into a policy. A waiver of premium rider is an optional benefit among various insurance policies. The waiver of premium lets the policy owner stop paying premiums and still retain the life insurance if he cannot work due to disability from injury or illness.
Waiver of premium definition. Waiver of premium an agreement between an insurance company and a policyholder allowing the policyholder not to pay premiums if he she is seriously injured ill or. Waiver of premium for disability is a provision in an insurance policy that comes into play if the insurer becomes unexpectedly disabled and cannot pay their policy s premium. Meaning pronunciation translations and examples.
A waiver of premium is a provision that allows the insured not to pay premiums during a. Waiver of premium definition is a clause in an insurance policy providing continued coverage without payment of premiums under stated circumstances. Click to go to the 1 insurance dictionary on the web. Waiver of premium a provision in an insurance policy that allows payment of insurance premiums to be permanently or temporarily stopped in the event the policyholder becomes incapacitated.
A waiver of premium rider is an optional insurance policy clause that waives insurance premium payments if the policyholder becomes critically ill or disabled.
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