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.
Popular Insurance Terms
Judicial rule of evidence under which no reduction in damages awarded by a court is allowed for bodily injury, sickness, illness, or accident merely because the plaintiff has other ...
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Retirement plan for an individual based on a single contract with a benefit based on current earnings, as if they will remain static until normal retirement age. As the earnings of the plan ...
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