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 remains disabled. This rider may be elected at issue or after issue with evidence of insurability.

Note: If the Disability Waiver of Premium segment is not added to the policy when it is created, then this activity cannot be processed.

The Waiver Activate activity triggers the WaiverCOI activity, which is system generated. Once the insured is no longer disabled, the Waiver Deactivate activity is processed to stop the payment of this amount to the insured’s policy, as with Term policies, the money will be applied to the policy and not go directly to the insured.

Steps to Add Waiver Activate Activity

Open a term policy.
Select Add Activity from the Secondary menu.
Select Waiver Activate from the Activity drop down box.
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.
Click the lightning bolt icon to process the activity.