Health/life policy option whereby the insurer waives premiums when the insured is incapacitated through sickness or disability. Similar provisions are available in personal pension schemes when the provider agrees to credit ongoing premiums for the benefit of the scheme member.
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A provision that under certain conditions the Insurance Policy will be kept in full force by the Insurance Company without the payment of premium. It is used quite often as a total and permanent disability benefit and may be available in certain other cases.
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A provision included in some policies which exempts the insured person from paying premiums under loss-of-income policies while the insured is collecting loss-of-income benefits or during a period of total disability, and under some hospital and surgical expense policies while the insured (or spouse) is totally disabled.
Tag: RAW
Waiver of premium (Life Insurance)
A provision stating that coverage will continue without premiums being paid should the insured become totally disabled.
waiver of premium (WP)
1. Provision in an insurance policy that states under certain situations the insured’s coverage will continue without further payment of premiums (e.g., occurrence of permanent or total disability or unable to work due to an accident or injury). 2. Disability insurance policy provision that an employee does not have to pay any premiums while disabled. Also known as elimination period or waiver of premium for disability benefit .
Waiver of premium for disability benefit
See: waiver of premium (WP) .
Waiver of premium for payer benefit
Provision in an insurance policy that states the insurance company will not collect the policy’s premiums if the policyholder, not the insured child, dies or becomes disabled. This rider is often seen in juvenile policies.
Waiver of Restoration Premium
(i) An agreement or decision to forego any premium for reinstatement of the face amount of coverage under an insurance policy after it has been reduced by the amount of a loss payment. (ii) A provision, especially in bonds, for automatic restoration of the full amount of protection without cost to the insured.
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A clause stating that coverage can be restored without a restoration premium being paid.
Waiver of Subrogation
An insurer has the right of subrogation, however, it may waive that right through this method.
Waiver tests
Laboratory tests that are exempt from Clinical Laboratory Improvement Amendments (CLIA) regulations and may be performed by medical assistants who are not certified medical laboratory technicians.
War
‘Armed conflict of states in which each seeks to impose its will upon the other by force. It is not a blind struggle between mobs of individuals without guidance or coherence, but a conflict of organised masses moving with a view to cooperation, acting under the impulse of a single will and directed against a definite objective.’ (F.H. Jones).
War and civil war risks exclusion agreement
Non-marine insurance companies and Lloyd’s underwriters agreed not to cover the consequences of war risks on land. Consequently the government provides cover in times of war. A standard exclusion of war (and civil war) appears in non-marine policies other than life. War risks cover is available in the marine and aviation markets. See WAR RISKS INSURANCE; WATERBORNE AGREEMENT.
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An agreement between Lloyd’s underwriters and non-marine insurance companies that they will not cover certain war and civil war risks on land.