Waiver Of Restoration Premium
What is ‘Waiver Of Restoration Premium ‘
A clause in an insurance policy that says that the insurance company will not require the policyholder to pay a fee to get back the level of coverage that their policy initially provided before any claims were paid out. If a policy does not contain the waiver of restoration premium, it may be possible to regain coverage by paying an additional premium.
Explaining ‘Waiver Of Restoration Premium ‘
On the other hand, the policy may simply become exhausted once the policy limits have been reached. Insurance policies have a maximum amount that they will pay for both individual incidents and over the life of the policy. If restoring an insurance policy is not an option, the insured may want to purchase secondary policies that can go into effect if the primary policy becomes exhausted.
Further Reading
- The value of waivers from the affordable care act – www.tandfonline.com [PDF]
- Financial considerations of policy options to enhance biomass utilization for reducing wildfire hazards – www.sciencedirect.com [PDF]
- Should consumers be permitted to waive products liability? product safety, private contracts, and adverse selection – academic.oup.com [PDF]
- Should financial stability be an explicit central bank objective – books.google.com [PDF]
