Benefits = The monetary sum paid or payable to a recipient for which the insurance company has received the premiums.
Spouse Premium Waiver = A provision in an insurance policy that relieves the insured and insured’s spouse/partner of paying the premiums while receiving benefits.
Waiver of Premium = A provision in an insurance policy that relieves the insured of paying the premiums while receiving benefits.
Premium = The amount paid by the policyholder in return for protection against financial loss due to occurrence of an event.
Non-Forfeiture (Contingent) = if you were to receive a substantial premium increase, you have the right to stop paying premiums and have your policy converted to paid-up status. Your paid-up policy would have a maximum benefit at least equal to the amount of premiums...