What benefit is provided under a provision that waives the child's premium when a parent becomes disabled or deceased?

The payor benefit is designed specifically to cover the premiums of a child's insurance policy in the event that the parent, who is the premium payer, becomes disabled or passes away. This provision ensures that the child's coverage remains active even during difficult times when the parent may no longer be able to fulfill the financial obligations of the policy.

This benefit is particularly valuable as it safeguards the child's insurance coverage without requiring additional action from the family during a period of hardship. In contrast, other options such as the accidental death benefit typically provide a payout under specific circumstances of the parent's untimely death, while the cost of living rider adjusts the death benefit for inflation, and the other insured rider includes additional insured individuals under a family policy. However, these options do not focus on maintaining the child's policy premiums in line with the payor benefit. Thus, the correct answer recognizes the essential function of securing the child's coverage in challenging situations affecting the parent.