Term Life Insurance Glossary

Waiver of premium for disability (WP) benefit

A supplementary life insurance policy benefit under which the insurer waives renewal premiums that become due while the insured is totally disabled.

Waiver of premium for payor benefit

A supplementary life insurance benefit often included in juvenile policies which provides that the insurer will waive the policy’s renewal premiums if the adult policyowner, not the insured child, dies or becomes disabled.

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