Waiver of Premium
Waiver of premium is a policy benefit that waives the payment of premiums after care has begun. This benefit may be offered at an increased premium charge. The period, when waiver of premium begins, and for what specific type of care, such as nursing home care, residential care facility, home care, or community based services, are specified in the individual policy. The policy should be examined to determine the requirements for waiver of premium.
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