Home > Terms > English, UK (UE) > Waiver of premium
Waiver of premium
A provision in some insurance contracts which enables an insurance company to waive the collection of premiums while keeping the policy in force if the policyholder becomes unable to work because of an accident or injury. The waiver of premium for disability remains in effect as long as the ensured is disabled.
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- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Insurance
- Category: Life insurance
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