waiver of premium

noun

Insurance.

a provision in a policy establishing specific conditions under which the policy will be kept in force without the policyholder's being required to continue to pay premiums.

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Example Sentences

Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.

An example of a common rider is “disability waiver of premium,” which waives your policy’s premium if you become totally disabled and are unable to work.