What is the Definition of Waiver?

What is the Definition of Waiver?

The surrender of a right or privilege. In life insurance, a provision that sets certain conditions, such as disablement, which allow coverage to remain in force without payment of premiums.

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?

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

What is the meaning of Goodwill

the difference between the cost of acquiring the entity and the reporting entity's share of the book value of the acquired entity.

What is the meaning of Gross Paid-in and Contributed Surplus

amount of capital received in excess of the par value of the stock issued.

What is the meaning of Gross Premium

the net premium for insurance plus commissions, operating and miscellaneous commissions. For life insurance, this is the premium including dividends.

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