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
  • Company:
  • Product:
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Related terms

waiver of premium
Financial services; General Finance

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.

waiver of premium
Insurance; Life insurance

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 ...

waiver of premium
Health care; General

When an individual becomes disabled and eligible for benefits, no further disability premium payments are required as long as benefits are being paid out.

waiver of premium provision
Health care; General

Any provision included within or as a rider to an insurance policy providing that, when specified conditions exist, the policy will continue in force without further premium ...

waiver of premium provision
Health care; Insurance; Managed care; Health insurance

A provision available in many life insurance policies and in disability income health policies that exempts the insured from the payment of premiums aft er he or she has been ...

waiver of premium with disability income rider
Health care; Insurance; Managed care; Health insurance

A life insurance rider that pays a monthly income and waives the policy owner’s obligation to pay further premiums in the event that he or she becomes totally and permanently ...

Lloyd's
Insurance; Life insurance

Generally refers to Lloyd's of London, England, an institution within which individual underwriters accept or reject the risks offered to them. The Lloyd's Corp. provides the ...

Lloyds organizations
Insurance; Life insurance

These organizations are voluntary unincorporated associations of individuals. Each individual assumes a specified portion of the liability under each policy issued. The ...

National Association of Insurance Commissioners (NAIC)
Insurance; Life insurance

Association of state insurance commissioners whose purpose is to promote uniformity of insurance regulation, monitor insurance solvency and develop model laws for passage by state ...

dividend
Insurance; Life insurance

The return of part of the policy's premium for a policy issued on a participating basis by either a mutual or stock insurer. A portion of the surplus paid to the stockholders of a ...

earned premium
Insurance; Life insurance

The amount of the premium that as been paid for in advance that has been "earned" by virtue of the fact that time has passed without claim. A three-year policy that has been paid ...

elimination period
Insurance; Life insurance

The time which must pass after filing a claim before policyholder can collect insurance benefits. Also known as "waiting period."

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