Definitions for "Waiver of Premium"
An optional extra on a life policy which means that the insurance company will pay the premiums if the policyholder is unable to because of illness or injury.
A life insurance policy rider that pays the premium on the policy in the event that the insured becomes disabled. Generally there is a waiting period (e.g., six months). The policy remains inforce and the values continue to grow as if the premiums were paid.
Insurance policy clause or option allowing a policyholder who becomes disabled or seriously ill to not pay the premiums.
Keywords:  subrogation
Waiver of subrogation