Waiver Activate

If the primary insured becomes disabled before age 60, then a monthly-specified premium amount will be credited for that insured’s lifetime, as long as he/she remains disabled.   This rider may be elected at issue or after issue with evidence of insurability.

Note:  If the Disability Waver of Premium segment is not added to the policy when it is created, then you will not be able to add and process this activity.

The Wavier Activate activity triggers the WaiverCOI activity, which is system generated. Once the insured is no longer disabled, the Waiver Deactivate transaction is processed to stop the payment of this amount to the insured and to deduct the premium charges from the available fund.

To add this activity, open the term policy you are working with and select Add Activity from the secondary menu.  

Select Waiver Activate from the activity drop down box.  Then enter the disability start date and select OK.  The activity will be listed on the Activity screen with a lightning bolt icon next to it.  When you click the lightning bolt icon the activity will process.