Waiver Of Premium For Payer Benefit


Definition of "Waiver of premium for payer benefit"

Clause added to an insurance policy providing waiver of premium (WP) if the premium payer dies or becomes disabled. For example, this option is available on insurance policies on a child's life where the premium is paid by an adult, or on life and health policies for adults.



Search Real Estate Glossary

 

Related Real Estate Glossary terms

Development, Neighborhood, Stage

Point at which a housing development becomes a neighborhood. After an initial housing development i ...

Condominium Owners Association

Association of the owners of all condominium units in a building that is concerned with managing day ...

Tenancy By The Entirety

Ownership of property by a husband and wife together; the law views the couple as one person. This c ...

Construction Costs

Expenditures incurred building a structure, including material and labor. ...

Deed Of Confirmation

Used to rectify errors made in a previous deed. Such errors can include incorrect spelling of a nam ...

Functional Deficiency

Negative characteristics about real property which do not meet the needs of the usual occupant. Exam ...

Related Real Estate FAQ

What Do I Need To Know About Watercraft Insurance?

You need separate coverage for the variety of risks you face when storing, launching, hauling or run ...

What Is A Credit Report?

A credit report is a report of all your debt information compiled by an independent agency. The cred ...

What Is A Front-end Ratio?

A front-end ratio is a ratio of the borrowers monthly housing expenses-including principal, interest ...

What Is A Deed?

A deed is a legal document that conveys the title to a property. ...

What Is Accession?

The right of a property owner to have and enjoy all of the advantages of property ownership includin ...

What Is An Amortization?

The process of paying off a loan balance. As you make payments, a certain amount is applied to the p ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

Should you Buy a Home with Cash? What Must I Disclose When Selling My Home? Home Prices - The Extra Costs Is it better to buy or sell a home first 5 signs of house foundation problems

FAQ

What is a maintenance fee? What is a principal? What is an investment property? What should I do if I'm in an accident? What is a REALTOR®?