Beshak Insurance dictionary
Waiver of Premium
Term Life Insurance
You do not have to pay all future premiums on the occurrence of an event specified in the policy.
EXAMPLE:
If an insurer is offering free Waiver of Premium on Permanent Total Disability, it means that in case the person insured suffers from Permanent Total Disability, the insurance cover will continue till the coverage duration in the policy without the requirement of paying any future premiums.