What is the provision that suspends premium payments while the insured is disabled called?

The provision that suspends premium payments while the insured is disabled is known as the Waiver of Premium. This feature is advantageous for policyholders because it relieves them of the financial burden of paying premiums during a time when they may already be experiencing financial difficulties due to their disability.

When a policyholder becomes disabled and meets the criteria set forth in the policy, the Waiver of Premium provision ensures that their insurance coverage remains intact despite the non-payment of premiums. This is particularly crucial in maintaining valuable health or life insurance during a period when having such coverage is most vital.

The other terms may sound similar but refer to different concepts within insurance policies. An Accelerated Benefit allows insured individuals to access a portion of their death benefit under certain conditions, often related to terminal illness. A Rider clause adds additional benefits to a primary policy, modifying its coverage. A Conversion privilege provides the policyholder the right to convert a group insurance policy to an individual one without undergoing medical underwriting. While these options serve important roles, they don't specifically address the suspension of premium payments during a period of disability like the Waiver of Premium does.