Final answer:
The disability waiver of premium rider allows the policyowner to waive premium payments during a disability, while keeping the policy in force.
Step-by-step explanation:
The life insurance rider that allows the policyowner to waive premium payments during a disability, while keeping the policy in force, is called the disability waiver of premium rider.
This rider is an optional add-on to a life insurance policy and provides financial protection to the policyholder in the event of a disability that prevents them from paying premiums. If the policyholder becomes disabled and meets the criteria specified in the policy, the insurance company will waive the premium payments while keeping the policy active.
For example, let's say a policyholder has a life insurance policy with a disability waiver of premium rider. If the policyholder becomes disabled and unable to work, they can submit a claim to the insurance company along with the necessary documentation. If the claim is approved, the insurance company will waive the premium payments for the duration of the disability, ensuring that the policy remains in force.