Waiver of Premium for Payer Benefit

(redirected from Waivers of Premium for Payer Benefit)

Waiver of Premium for Payer Benefit

An agreement between an insurance company and the payer on a policy allowing the policyholder not to pay premiums if he/she becomes disabled or dies. This is used if the policyholder is a child but an adult (such as a parent) actually pays the premiums. In general, one must pay a one-time fee for the insurer to include a waiver of premium clause in a policy.