Final answer:
When a juvenile with a payor rider reaches the specified age, the ownership of the insurance policy usually transfers from the payor to the adult child, making him/her responsible for future premium payments.
Step-by-step explanation:
When a juvenile covered by a payor rider reaches the specified age in the policy, typically the ownership of the policy will transfer from the payor (usually a parent or guardian) to the now adult child. This is an important event in a life insurance policy because it signifies that the child will now be responsible for making premium payments if the policy requires them. In addition, until the child reaches the age of majority, the payor rider ensures the continuation of coverage by waiving premium payments if the payor dies or becomes disabled. The exact terms and conditions for transfer of ownership may vary between different insurance companies and policies.