Which provision waives premiums if the insured becomes totally disabled?

The provision that waives premiums if the insured becomes totally disabled is known as the Waiver of Premium. This provision is significant as it provides financial relief for individuals who are unable to work due to a total disability. It ensures that the insured does not have to pay premiums during the period of their disability, thereby keeping the policy in force without any additional cost during a challenging time.

When a policy includes a Waiver of Premium clause, it means that upon proof of total disability, the insurer will cover the cost of the premiums for the duration specified in the policy. This is particularly crucial in situations where the insured may be experiencing a loss of income due to their disability, allowing them to maintain their coverage without financial burden.

The other provisions listed serve different purposes. For instance, the Free Look period allows policyholders to review their policy after purchase and cancel it for a full refund if they are not satisfied. Optionally Renewable relates to the insurer's right to renew a policy at specified times. Accident Insurance typically provides benefits for injuries resulting from accidents rather than waiving premiums due to disability. Each of these serves a distinct role in insurance contracts, highlighting the unique significance of the Waiver of Premium provision.