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waiver of premium

noun, Insurance.
1.
a provision in a policy establishing specific conditions under which the policy will be kept in force without the policyholder's being required to continue to pay premiums.
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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Examples from the web for waiver of premium
  • Many policies include a waiver of premium provision.
  • Disability waiver of premium suspends your obligation to pay premiums if you become disabled as defined by the rider.
  • If you are on approved medical leave of absence, you may be eligible for a waiver of premium in this benefit.
  • Also includes a disability waiver of premium clause whereby if the employee is totally disabled, premiums will be waived.
  • If you qualify for the waiver of premium, this is a free benefit to you.
  • Features such as home health care benefits, respite care and waiver of premium are available through two plans.
  • waiver of premium for all life coverage available to the active member and dependents is based upon proof of total disability.
  • And only annuity contracts offer life income and waiver of premium benefits.

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