Insurance Learning Center > Insurance Glossary > Waiver of Premium
Define: Waiver of Premium
Waiver of Premium
Waiver of premium is a provision in some insurance contracts which enables an insurance company to waive the collection of premiums while keeping the policy in force. This is often included to continue coverage if a policyholder becomes unable to work due to an accident or injury.
The waiver of premium for disability remains in effect as long as the ensured is disabled.