Question

What is the purpose of the Waiver of Premium (WoP) rider?

a.

To waive off premium payments in case of the permanent disability or death of the parent paying premium in children plans

b.

To enhance the risk cover against accidents

c.

To provide coverage for total permanent disability benefit

d.

To provide coverage for critical illness

Answer: (a).To waive off premium payments in case of the permanent disability or death of the parent paying premium in children plans Explanation:The purpose of the Waiver of Premium (WoP) rider is to waive off premium payments in case of the permanent disability or death of the parent paying premium in children plans.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. What is the purpose of the Waiver of Premium (WoP) rider?

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. When is the Waiver of Premium (WoP) rider more popularly used?

Q. What happens if the life insured (parent) dies in a child plan with the Waiver of Premium (WoP) rider?

Q. What is the purpose of the Accidental Death Benefit (ADB) rider?

Q. What is the maximum amount of benefit offered by the Accidental Death Benefit (ADB) rider?

Q. What is the underwriter evaluating while assessing the accident risk and granting the ADB rider benefit?

Q. Can the Accidental Death Benefit (ADB) rider be declined by the insurance company?

Q. What is the Waiver of Premium rider?

Q. What is TPD in the context of life insurance?

Q. What are the prerequisites for a TPD claim?

Q. What is the meaning of "gainful employment" in the context of TPD?

Q. Why is the claims process for TPD very careful and may require medical and legal experts?

Q. What is a term rider in a life insurance policy?

Q. What is a critical illness rider?

Q. When is the benefit payable to the insured under a critical illness rider?

Q. Which of the following critical illnesses may be covered by an insurance company under the critical illness rider?

Q. What is the difference between a critical illness rider and an insurance mediclaim policy?

Q. What is the time period within which the benefit is generally paid under the critical illness rider?

Q. What is the purpose of the critical illness rider?

Q. What is the role of insurance companies in defining the conditions for which the critical illness rider is payable?

Q. What is the benefit of the critical illness rider?

Recommended Subjects

Are you eager to expand your knowledge beyond IC22 Life Insurance Underwriting? We've handpicked a range of related categories that you might find intriguing.

Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!