Final answer:
The waiver of premium provision of a life insurance policy provides financial protection for policyholders who become disabled and unable to pay their premium. It allows them to continue coverage without making premium payments during the disability period.
Step-by-step explanation:
The purpose of the waiver of premium provision of a life insurance policy is to provide policyholders with financial protection in case they become disabled and are unable to pay their premium.
The waiver of premium provision of a life insurance policy provides financial protection for policyholders who become disabled and unable to pay their premium. It allows them to continue coverage without making premium payments during the disability period.
This provision allows the policyholder to continue their coverage without having to make premium payments during the period of disability. The policyholder will still receive the benefits of the life insurance policy if they pass away during the disability period.