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.
Popular Insurance Terms
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Total earned premiums minus total expenses and losses paid of the insurance company. ...
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