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Waiver of Premium |
Also found in: Medical | 0.01 sec. |
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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. 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 disabled. In general, the policyholder must pay a one-time fee for the insurer to include a waiver of premium clause in a policy. Waiver of premium. If you have a waiver of premium provision in your long-term care or disability insurance policy, you may qualify to stop paying premiums once you've begun collecting benefits. A waiver of premium provision increases the cost of your insurance, but means that you won't be left without coverage if you are no longer able to pay the premiums. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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