What does Payor Benefit mean? Read on to discover the definition & meaning of the term Payor Benefit - to help you better understand the language used in insurance policies.
A benefit available under certain juvenile policies, upon payment of an extra premium. It provides for the waiver of future premiums in the event the named payor dies or is disabled while the benefit is in effect.
We hope the you have a better understanding of the meaning of Payor Benefit.