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Glossary   >   W   >   "Waiver of premium" Definition            Waiver of premium An arrangement in life insurance, which, in return for some increase in premium, ensures that policyholders have their premiums paid during periods of absence from work due to illness or accident. There is usually an elimination period (or waiting period), UK deferment period, typically several months, after which the insurers commence payments. Glossary    Dictionary Search (powered by Google) WWW ITLOCUS.COM GLOSSARY.ITLOCUS.COM Translate a web page (powered by Google)      to German Spanish French Italian Portuguese Japanese Korean Chinese

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Waiver of premium - An arrangement in life insurance, which, in return for some increase in premium, ensures that policyholders have their premiums paid during periods of absence from work due to illness or accident. There is usually an elimination period (or waiting period), UK deferment period, typically several months, after which the insurers commence payments.