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waiver of premium

   Also found in: Dictionary/thesaurus, Financial, Acronyms, Encyclopedia, Wikipedia 0.01 sec.
waiver of premium
Health insurance A provision that, under certain conditions, insurance will be kept in full force without further payment of premiums When applicable Permanent and total disability. See COBRA, Disability.


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Features like portability have been added, as have variations on living benefit payouts, waiver of premium that is similar to individual plans, and coverage that extends into retirement years.
With waiver of premium, it is self- completing if totally disabled.
Agents must provide an outline of coverage to all prospective applicants that must include: a brief description of benefits along with limitations or exclusions; terms under which the policy may be returned and the premium refunded; relationship of the cost of care and benefits; and terms under which the policy may be continued, including any waiver of premium provisions.
 
 
 
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