Answer :
Final answer:
Waiver of premium is a living benefit option in a life insurance policy that allows policyholders to stop premium payments under certain conditions, providing financial relief without canceling the policy.
Explanation:
Waiver of premium is considered a Living Benefit option in a life insurance policy. This provision allows the policyholder to stop making premium payments if they become disabled or meet certain criteria specified in the policy.
For example, if a policyholder becomes permanently disabled and meets the policy's definition of disability, the insurer may waive the premiums, ensuring that the policy remains in force even though the policyholder is unable to work.
This feature provides financial relief to the insured during challenging times without canceling the policy.
Learn more about Living Benefit option in life insurance policy here:
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