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Popular Standardized Tests sets What is a waiver of premium rider?A waiver of premium rider is an optional life insurance add-on that allows you to stop paying your life insurance premium while you're experiencing a qualifying disability.
Which of the following riders provides for a waiver of premium?A payor benefit rider provides a temporary waiver of the policy premium if the premium payor dies, until the minor insured reaches the age stated in the policy (usually 18 or 21).
What is waiver of premium rider in life insurance quizlet?The waiver of premium rider (or waiver of monthly deductions rider) is one of the most common and popular riders added to a life insurance policy. Under this rider, the policy's premiums are waived if the insured becomes totally disabled for a period stated in the rider.
What is the waiting on a waiver of premium rider in life insurance policies?The waiting period for a waiver of premium provision is typically six months. However, depending on the insurer, it can be anywhere from a few months to a year.
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