Waiver of Premium (LTC)

An amendment that changes or adds to the terms of the policy — A rider is a written amendment attached to and made part of the policy that changes or adds to its provisions, such as adding a waiver of premium or an accidental death benefit. The rider becomes part of the contract and remains in force with the policy unless its terms say otherwise. Riders let the policyowner customize coverage to fit specific needs without purchasing a separate policy, and they must be explained honestly so the client understands exactly what benefits were added and what they cost.

National insurance concept

A rider is an amendment or addendum that changes or adds coverage, while the policy contains the basic contract terms — A rider, also called an endorsement, is a written amendment attached to and made part of the policy that modifies its terms — adding a benefit such as waiver of premium, changing a provision, or adding an exclusion. The policy itself is the base contract containing the insuring agreement, conditions, and exclusions. The rider and policy are read together as one contract.

National insurance concept