Business, Legal & Accounting Glossary
Waiver of premium can be added to a life insurance policy so if the customer falls ill and cannot work, the life insurance premium will continue to be paid. The criteria for waiver to kick-in is often quite stringent.
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.
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This glossary post was last updated: 26th April, 2020 | 0 Views.