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
Modified endowment insurance policy under which the insured receives one-half the death benefit as the maturity value of the policy. ...
Actual mortality experience of an insured group as compared to the expected mortality for that group. ...
Term in pensions; leaving a job before normal retirement age, subject to minimum requirements of age and years of service. There usually is a reduction in the monthly retirement benefit. ...
Annuity guaranteeing a given number of income payments whether or not the annuitant is alive to receive them. If the annuitant is living after the guaranteed number of payments have been ...
Act that regulates the variable dollar insurance products (equity related) sold by insurance companies. The act includes regulations that stipulate: the variable dollar insurance products ...
End of a defined time period that dividends become payable to the policyholder. ...
All sources of cash flow, usually stated on an annual basis. ...
Association of independent agents whose objective is to further the interests of these agents through education, lobbying, and professional ethics. ...
Physical, moral, or financial circumstance of a life insurance applicant that sets him or her apart from a physically, morally, and financially sound standard applicant. The underwriting ...
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