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icipating policy, the insurance pany continues to pay policy dividends as if the policyowner were paying premiums. Waiver of Premium for Disability Benefits ? Some limits contain 36 months waiting periods. Be available to cover only disabilities that begin during a specified age span. The interval at which premium payment s are due cannot be changed. Exclude some risks from rider’ s coverage Waiver of Premium for Payor Benefit ? Is designed for thirdparty policies, such as juvenile insurance policies. ? A juvenile insurance policy is a policy that is issued on the life of a child but is owned and paid for by an adult, usually the child’ s parents or legal guardian. Waiver of Premium for Payor Benefit ? Definition the insurance pany waive its right to collect a policy’ s renewal premiums if the policyownerthe person responsible for paying premiumsdies or to bees totally disabled.