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Policies with Waiver of Premium on Temporary and Permanent Disability

Published online by Cambridge University Press:  27 November 2014

W. C. Fielder
W. C. Fielder*
Affiliation:
Institute of Actuaries Students' Society
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Extract

The particular aspect of sickness insurance to be discussed is the Waiver of Premiums under life assurance contracts on disability both temporary and permanent.

Waiver of premium on Permanent Disability was introduced in Germany in 1876, and in America in 1895, and is extremely popular. In Russia some companies offer a variation, which consists of giving the assured under a participating policy the option of relinquishing the right to participation and demanding in lieu insurance against invalidity by which he is released from all future payments of premium and immediately receives 50 per cent. to 75 per cent. of the sum assured, the remainder of the sum assured being paid at death or maturity.

Type
Papers
Information
Journal of the Staple Inn Actuarial Society , Volume 1 , Issue 4 , 1914 , pp. 39 - 49
Copyright
Copyright © Institute of Actuaries Students' Society 1914

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References

* Some notes on the practice of companies on the Continent have been kindly given to us by Martin Stutfield, see page 46.—Eds.

* Strictly speaking the use of an Aggregate Sickness Table such as the Manchester Unity Table, which includes the sickness of members already disabled, is unsound for the calculation of rebates of premiums in the case of lives medically examined at the outset. The difference is however not considerable except at the older ages, and the resulting premiums are too high.