California Life and Health Insurance Practice Exam 2025 - Free Life and Health Insurance Practice Questions and Study Guide.

The waiver of premium for a life insurance policy is a provision that allows the policyholder to stop paying premiums while still keeping the policy in force if they become totally disabled. This typically applies after a specified waiting period, during which the policyholder must remain unable to earn an income due to their disability.

Total disability, as defined by most insurance policies, means the inability to perform any occupation for which the insured is reasonably suited by education, training, or experience. This is a significant aspect of many life insurance policies, as it safeguards the interests of those who are unable to work due to severe and prolonged health issues.

In contrast, reaching a specific age, being partially disabled, or the duration of the policy do not necessarily trigger the waiver of premium. For instance, becoming partially disabled may not meet the criteria set forth by most insurers, as total disability is required to activate this benefit. Additionally, the age at which the insured reaches 65 does not have an inherent connection to the waiver of premium provisions. Similarly, simply having the policy for five years does not play a role in triggering the waiver, as it is specifically tied to the insured's total disability status.