Which provision allows an insurer to adjust policy benefits and rates if the insured changes to a more hazardous occupation?

The correct answer highlights the "Change of occupation provision." This provision is specifically designed to address situations where the insured takes on a new occupation that is deemed more hazardous than their previous one. When this change occurs, the insurer has the right to adjust the policy benefits and premiums to reflect the increased risk associated with the more dangerous occupation.

Insurance policies typically include this provision to manage the risk and ensure that the premiums are commensurate with the level of risk being insured. If an insured person moves from a lower-risk job to a higher-risk job, the insurer must reassess the situation to maintain the integrity of the policy and the pricing structure.

The other options address different aspects of insurance policies. The Waiver of Premium provision allows the insured to skip premium payments under certain circumstances, typically related to disability. The Exclusion provision lists specific conditions or situations that are not covered by the policy, which does not pertain to adjustments based on occupational hazards. Lastly, the Reinstatement provision deals with the process of restoring a lapsed policy, not with adjusting benefits or rates related to occupational changes. Thus, the "Change of occupation provision" is the most relevant and accurate choice for this question.