Waiver of Restoration Premium

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • surrender of premiums
  • waiver of premiums

Definition of Waiver of Restoration Premium

  1. A clause found in some insurance policies that states that after a claim has been paid out, the insurance company does not require the policyholder to pay a fee in order resume coverage. Insurance policies without a waiver of restoration premium clause may still be capable of being resumed after a premium is paid, but not all policies have this option.

Related Terms and Acronyms

  • Lapsed Policy Definition,
    • A policy that is no long in effect due to missed payments, inaction or its term ending.
  • Waiver of Premium Definition,
    • A clause that allows an insurer to waive a policyholder's premiums while still keeping the policy in effect.
  • Reinstatement Definition,
    • Resuming an insurance policy that has either lapsed or been terminated.
  • Waiver of Subrogation (WOS) Acronym,
    • A provision that prevents an insurer from pursuing a third party for damages to insured property.
  • Lien Waiver Definition,
    • A document in legal form signed by persons or firms which have lien rights, waiving those rights.
  • Waiver Definition,
    • The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.
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