Waiver of premium (wp)

In life insurance, action by an insur­ance company canceling premium payments by an insured who has been disabled for at least six months. The policy remains in force and continues to build cash values and pay dividends (if it is a participat­ing policy), just as if the insured was still making premium payments. Experts suggest that this clause should be considered in a life insur­ance policy since the probability of becoming disabled is 7 to 10 times greater than death at younger or middle ages.

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