Insurance term
Waiver of Premium Rider
A waiver of premium rider is an optional feature on some life or disability insurance policies that lets the insured stop paying premiums if they become seriously disabled or otherwise meet the policy’s qualifying condition. While the waiver is in effect, the policy usually stays active as long as the policy terms are met.
Example
After a covered accident leaves her unable to work, the insurer approves her waiver of premium rider and she no longer has to pay premiums to keep her life insurance in force.
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