LOMA 281 Module 3



Waiver of premium for disability benefit - Answer- A supplemental life insurance policy benefit under which the insurer promises to give up - to waive - its right to collect premiums that become due while the insured is totally disabled.



Waiver of premium for payor benefit - Answer- A supplemental life insurance policy benefit under which the insurer agrees to waive its right to collect a policy's renewal premiums if the policyowner dies or becomes totally disabled.



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