Waiver of Premium
What Does 'Waiver of Premium' Mean?
A provision that a policyholder of a Long-Term Care Insurance policy will not have to pay the premiums after receiving benefits from a policy.
More Information
A waiver of premium is a provision that prevents policyholders from paying premiums when they're actively receiving Long-Term Care Insurance benefits. This allows policyholders to focus their efforts and concerns on their care and recovery.