What is the Definition of Waiver Of Premium For Disability Benefit?

What is the Definition of Waiver Of Premium For Disability Benefit?

A supplementary life insurance policy or annuity contract benefit under which the insurer promises to give up its right to collect premiums that become due while the insured is disabled according to the policy or rider’s definition of disability.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Waiver Of Premium For Disability Benefit?

You can find random definition and meaning of insurance terms below:


What is the meaning of Fronting

an arrangement in which a primary insurer acts as the insurer of record by issuing a policy, but then passes the entire risk to a reinsurer in exchange for a commission. Often, the fronting insurer is licensed to do business in a state or country where the risk is located, but the reinsurer is not.


What is the meaning of Generally Accepted Accounting Principles (GAAP)

an aggregate of the accounting standards, principles and best practices for the preparation of financial statements allowing for consistency in reporting.


What is the meaning of Gramm-Leach Bliley Act (GLBA)

act, repealing Glass-Steagal Act of 1933, allows consolidation of commercial banks, investment institutions and insurance companies. Established a framework of responsibilities of federal and state regulators for these financial industries. It permits financial services companies to merge and engage in a variety of new business activities, including insurance, while attempting to address the regulatory issues raised by such combinations.


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