Life Insurance and Life Settlement Terms - W
Waiting Period
For a health insurance policy, the period of time that have to pass from the date of policy issue before profits are payable to an insured. This is also known as elimination period and probationary period.
Waiver
The surrender of a right or dispensation. In life insurance, a provision that sets certain conditions, like disablement, which permit coverage to remain in force without payment of premiums.
Waiver Of Premium For Disability (WP) Benefi
A supplementary life insurance policy or annuity contract gain under which the insurer promises to give up its right to accumulate premiums that become outstanding while the insured is disabled according to the policy or rider’s definition of disability.
War Risk
Special coverage on cargo in overseas ships against the risk of being impounded by a government in wartime. It is barred from standard ocean marine insurance and may be bought separately. It frequently excludes cargo awaiting shipment on a wharf or on ships after 15 days of arrival in port.
Water-Damage Insurance Coverage
Protection provided in most homeowners insurance policies against abrupt and accidental water damage, from burst pipes for instance. Does not cover damage from problems resulting from a lack of proper maintenance like dripping air conditioners. Water damage from floods is covered under separate flood insurance policies provided by the federal government.
Weather Derivative
An insurance or securities product used as a hedge by energy-related businesses and others whose sales tend to vary depending on the weather.
Weather Insurance
A kind of business interruption insurance that compensates for financial losses caused by adverse weather conditions, like constant rain on the day scheduled for a main outdoor concert.
Whole Life Insurance
The oldest type of cash value life insurance that combines protection against premature death with a savings account. Premiums are fixed and guaranteed and remain level all through the policy’s lifetime.
Workers Compensation
Insurance that disburses for medical care and physical rehabilitation of injured workers and assists to replace lost wages while they are not able to work. State laws, which differ significantly, govern the amount of benefits paid and other compensation provisions.
Wrap-Up Insurance
Broad policy coordinated to cover liability exposures for a huge group of businesses that have something in general. Can be used to insure all businesses working on a big construction project, like an apartment complex.
Write
To insure, underwrite, or accept an application for insurance.
Written Premiums
The total premiums on all policies written by an insurer during a particular period of time, despite of what portions have been earned. Waiting Period (1) In medical expense insurance, an agreed amount of time following policy issue during which the insured’s medical expenses are not covered by the policy. Such waiting periods generally last from 14 to 30 days following policy issue and usually apply only to medical expenses arising from sickness, not from accidents. (2) In disability income insurance, a particular amount of time, starting with the onset of the disability, during which benefits are not payable. Such waiting periods can last from seven days to six months. The waiting period in a disability income insurance policy is at times known as elimination period or the probationary period. (3) In a group insurance plan, the length of time that a new group member has to wait before being eligible to join the group plan. This is also called a probationary period.
Waiver of Premium for Disability (WP) Benefit
A supplementary term life insurance policy benefit under which the insurer waives renewal premiums that becomes outstanding while the insured is completely disabled.
Waiver of Premium for Payer Benefit
A supplementary term life insurance benefit frequently included in juvenile policies which provides that the insurer will waive the policy’s renewal premiums if the adult policyowner, not the insured child, expires or becomes disable.
Whole Life Insurance
Life insurance that remains in force during the insured’s complete lifetime, provided premiums are paid as specified in the policy. Whole life insurance also builds a savings element known as cash value.
Withdrawal
Termination of an insurance contract by the policyowner voluntarily.
