Which of the following describes an agreement that adds additional benefits to an existing life insurance policy?

A rider is an agreement or provision that enhances or modifies the terms of an existing life insurance policy by adding additional benefits or features. Riders can provide various enhancements, such as accelerated death benefits, coverage for critical illnesses, or accidental death benefits. They are typically attached to the base policy and can be customized based on the policyholder’s needs.

In contrast, a waiver of premium is a specific provision that allows the policyholder to skip premium payments under certain conditions, such as disability. An endorsement generally refers to a formal change or addition to a policy that may not necessarily add new benefits, and policy renewal pertains to the continuation of a policy for another term, rather than modifying its benefits. These other concepts do not specifically describe the act of adding additional benefits like riders do.