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Waiver of premium meaning

What does Waiver of premium mean?
Waiver of premium is an optional insurance benefit under which, if the life assured (or policyholder) becomes incapacitated and cannot work for a specified period, the insurer waives future premiums so the policy stays in force. It protects against lapse and preserves life cover or other benefits during long-term sickness or disability. Used widely in life assurance and protection policies (including critical illness and income protection) and in personal pensions, where it may fund ongoing contributions. The term is not defined in legislation; it is a contractual rider interpreted under general insurance law and policy wording. Relevant statutory frameworks include the Insurance Act 2015 and, for consumer insurance in the UK, the Consumer Insurance (Disclosure and Representations) Act 2012; in Ireland, the Consumer Insurance Contracts Act 2019. Typical features include: an additional premium; medical/financial underwriting; a waiting (deferment) period (often 13–26 weeks); a disability test (own occupation/suited/any occupation); exclusions (for example, certain pre-existing conditions or self-inflicted injury); age limits for entry and cessation; and termination on recovery, return to work, maturity or death. It will not usually backdate premiums falling due before the deferment period. Usage and legal approach are broadly consistent across England & Wales, Scotland, Northern Ireland and Ireland, though...
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View the related Practice Notes about Waiver of premium

PRACTICE NOTES
Break clauses and notices: deadlines, Mannai reasonable recipient test, conditions precedent—validity, statutory-notice errors, withdrawal/waiver consequences, vacant possession, rent apportionment and VAT (England and Wales)

FORTHCOMING CHANGE The Renters’ Rights Act 2025 obtained Royal Assent on 27 October 2025. For guidance on the Act’s effect on residential tenancies in England, see Practice Note: Renters’ Rights Act 2025—key provisions. The Practice Note outlines, for both residential and commercial leases, what a break clause is, the circumstances in which it can be exercised—including construing typical deadlines for serving a break notice and the meanings of ‘year’, ‘month’ and the ‘corresponding date rule’—and the required form of a break notice. It also surveys case law on mistakes in meeting break notice requirements, with particular emphasis on the reasonable recipient test in Mannai, and how that principle applies to familiar categories of error. In addition, it addresses the application of Mannai to the service of statutory notices and the types of mistake frequently encountered, namely completion errors and errors of form...

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PRACTICE NOTES
HC 1534: Analysis of UK Immigration Rules changes—EU Settlement Scheme pilot and Administrative Review, evidential/document reforms, fee waivers, Tier 4 coding, Surinder Singh alignment, passport return, Calais leave

This analysis reviews the principal amendments to the Immigration Rules (the Rules) contained in HC 1534. HC 1534 was published on 11 October 2018, accompanied by an Explanatory Memorandum (EM). It sets out the following points of interest for immigration advisers: Widening of the EU Settlement Scheme pilot, plus the launch of an Administrative Review route for refusals under Appendix EU Removal of references to Premium Service Centres ahead of the roll-out of the new Sopra Steria contract Revision of the requirement to submit original documents, which are no longer compulsory for most applications Broader use of evidential flexibility, allowing the Home Office to apply it more readily and across a wider range of applications New provisions enabling unaccompanied children moved to the UK after the Calais camp’s closure to apply for limited and indefinite leave to remain You can quickly navigate to specific topics using the Contents bar on the left of the screen. Implementation Unless otherwise...

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PRACTICE NOTES
Archived resource note: FCA LR 6 premium listing (commercial companies) eligibility (pre‑29 July 2024)—track record, independence, controlling shareholders, free float, specialist companies, and transition to UK Listing Rules

ARCHIVED: This Practice Note has been archived and is not maintained. A major restructuring of the UK listing regime took effect on 29 July 2024, removing the premium and standard listing segments and introducing a single listing category for equity shares in commercial companies. This commercial companies category is predominantly disclosure-based and sits alongside other listing categories, including the shell companies, secondary listing and closed ended investment fund categories. To give effect to the reforms, the UK Listing Rules sourcebook came into force and the Listing Rules sourcebook was revoked. For further information, see Practice Note: Reform of the UK listing regime—fundamentals. This Resource Note reflects the regime as it stood before 29 July 2024 and has been retained for reference. It brings together relevant commentary, analysis and resources to assist with interpretation and to provide practical guidance on applying Chapter 6 of the former Listing Rules that were in force prior to 29 July 2024...

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View the related Precedents about Waiver of premium

PRECEDENTS
Precedent Selective Distribution Agreement (Non‑Exclusive): VABEO‑Compliant terms on Active/Passive Sales, Online Marketplaces, Minimum Purchases and Trade Mark Licensing (England and Wales Law)

This Agreement is entered into on [ insert date ] Parties 1 [ insert name of party ] [ of OR a company incorporated in [ England and Wales ] under number [ insert registered number ] whose registered office is at ] [ insert address ] ( Manufacturer ) 2 [ insert name of party ] [ of OR a company incorporated in [ England and Wales ] under number [ insert registered number ] whose registered office is at ] [ insert address ] ( Distributor ) (The Manufacturer and the Distributor are each a party and, collectively, both the parties.) Background (A) The Manufacturer [ manufactures and ] supplies the [ [ luxury OR premium OR top of market ] ] Products, which are [ associated with [ high OR the highest ] standards of quality in their field ]. (B) The image, and the level of service linked to the Products, are of [ the...

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PRECEDENTS
Precedent articles of association for a UK PLC (Companies Act 2006)

Part 1, interpretation and limitation of liability Defined terms and interpretation These articles regulate a PLC under the Companies Act 2006, adopting bespoke provisions and expressly excluding the relevant model articles. Words not defined here take the meaning given in the Companies Act 2006 as at the date the articles bind the company. Legislative references include subordinate legislation and any amendments, consolidations or re-enactments. Singular includes plural and vice versa; masculine includes feminine and neuter; references to persons include bodies corporate. Unless context dictates otherwise, “writing” embraces visible form by any method, including electronic means. articles: the company’s articles of association bankruptcy: includes comparable overseas insolvency affecting individuals board: the directors from time to time or a duly quorate meeting CA 2006: the Companies Act 2006 document: includes those sent or supplied electronically fully paid: nominal and any premium paid to the company instrument: a hard copy document register of members: the register kept under section...

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