waiver of premium

noun Insurance.
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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Example sentences
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.
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