Insurance Terms
Waiting Period: In disability insurance, a period of time between issuance and acceptance before sickness benefits begin.
Waiver: The voluntary or intentional relinquishment of a known right. A waiver may be expressed or implied.
Waiver Of Premium: An optional provision in Health insurance policies that states that if the insured becomes totally disabled, premiums are waived and coverage remains in force.
Warranty: A specific agreement between the insured and the insurer that certain conditions will be met. This agreement becomes a part of the policy.
Watercraft Endorsement: An endorsement to the Homeowners contract which provides coverage for watercraft which is excluded under the HO policy itself.
Workers Compensation Insurance: Insurance which covers an employer’s obligations under Workers Compensation laws, which make the employer responsible for stated damages in the event of a work-related injury or illness. Workers Compensation coverage also includes separate coverage for Employers’ Liability.
Write: To insure, to underwrite or to take an application.
Whole Life Insurance: Permanent life insurance that provides for the payment of the face value upon death of the insured, regardless of when it may occur. Whole life insurance accumulates a cash value that may be borrowed or otherwise used by the insured.
