Which of the following statements about Waiver of Premium riders is incorrect?

The statement regarding the Waiver of Premium riders that is incorrect is that an insured who recovers will repay waived premiums. In practice, if a policyholder becomes disabled and qualifies for the Waiver of Premium rider, the insurance company waives the premiums due during the period of disability. Importantly, once the premiums are waived, they do not need to be repaid if the insured recovers. This feature is designed to provide immediate financial relief, ensuring that individuals do not have to struggle with premium payments while they are unable to work due to their disability.

In contrast, the other statements are accurate. The disablement must indeed last a certain period before the rider becomes effective, which is typically referred to as an elimination or waiting period. Additionally, there is usually a maximum age limit for activating the rider; many policies specify that the rider is only available to those within a certain age bracket when they first apply. Moreover, the rider remains in effect until either the insured recovers from the disability or until the policy reaches its maturity, whichever comes first. This ensures that the premium payments are waived for the duration that the insured is unable to work due to their disability.