waiver of premium

Definition

Insurance policy clause or option allowing a policyholder who becomes disabled or seriously ill to not pay the premiums.

Use waiver of premium in a sentence

The waiver of premium was included in the insurance policy to give the individual a way to lower his potential liabilities.

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Despite all his best efforts to regain his health, he was in pretty bad shape, and he eventually exercised his waiver of premium as a result.

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Should you become disabled, you might still be covered if your policy has a waiver of premium which would keep your coverage without you having to pay the premiums.

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