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Waiver Of Premium For Payer Benefit

Definition of "Waiver of premium for payer benefit"

Dipali Patel
  Re/Max of Naperville

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.

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