Waiver of premium

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Related to Waiver of premium: Accelerated death benefit

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.

References in periodicals archive ?
The second webinar will be held on Wednesday, October 9, 2013 from 12:00pm to 1:00pm (EDT) and is titled "How to Release Excess Waiver of Premium (WoP) Reserves to Profits.
The topics to be discussed will be: getting a better understanding of the impact of the 3 legs of Waiver of Premium Liability on your balance sheet; how a manual adjudication processes can lead to overstated reserves; and how significant reserve release can be achieved.
A Waiver of Premium benefit allows an insured to stop paying premiums on the life insurance policy if he becomes disabled.
Life Waiver Tool's new advanced filtering capability allows waiver of premium operations with the ability to match claimant's "own occupation," "related occupations" or "any occupation" designations, as underwritten to their contractual provisions, with carrier adjustable levels of "gainful employment" criteria.
It offers Higher payouts, Cash Back when no claim is made within a five-year cycle, opportunity to cover more extended family members; not only parents and parents-in-law; waiver of premium payments once policyholder turns age 65 as well as double payout for accidental death.
Waiver of Premium Benefit -After 90 days of being disabled, the premium is waived until the benefit period expires.
The group policies include accidental death and dismemberment (AD&D) coverage, waiver of premium, and may be converted to an individual policy.
Additional benefits on life insurance - Northwestern Mutual expects to pay $92 million on benefits such as waiver of premium.
The real standout feature, however, is a unique benefit that may be a cut above waiver of premium.
The new Vantage Term product line includes an optional rider:* the Waiver of Premium Rider, which guarantees that the policy will stay in force even if the insured becomes disabled.