/ Dictionary / Index W waiver of premium: Meaning and Definition of Find definitions for: waiv'er of pre'mium Pronunciation: [key] — Insurance. Insurance. a provision in a policy establishing specific conditions under which the policy will be kept in force without the policyholder's being required to continue to pay premiums. Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease. waiver waka Related Content Daily Word Quiz: banshee Analogy of the Day: Today’s Analogy Spelling Bee: Today’s Spelling Bee Frequently Misspelled Words Frequently Mispronounced Words Easily Confused Words Writing & Language