Glossary
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
WAIVER
The surrender of a right or privilege. In life insurance, a
provision that sets certain conditions, such as disablement,
which allow coverage to remain in force without payment of premiums.
WAR RISK
Special coverage on cargo in overseas ships against the risk
of being confiscated by a government in wartime. It is excluded
from standard ocean marine insurance and can be purchased separately.
It often 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
sudden and accidental water damage, from burst pipes for example.
Does not cover damage from problems resulting from a lack of
proper maintenance such as dripping air conditioners. Water
damage from floods is covered under separate flood insurance
policies issued 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 fluctuate depending
on the weather.
WEATHER INSURANCE
A type of business interruption insurance that compensates for
financial losses caused by adverse weather conditions, such
as constant rain on the day scheduled for a major outdoor concert.
WHOLE LIFE INSURANCE
The oldest kind of cash value life insurance that combines protection
against premature death with a savings account. Premiums are
fixed and guaranteed and remain level throughout the policy’s
lifetime.
WORKERS COMPENSATION
Insurance that pays for medical care and physical rehabilitation
of injured workers and helps to replace lost wages while they
are unable to work. State laws, which vary significantly, govern
the amount of benefits paid and other compensation provisions.
WRAP-UP INSURANCE
Broad policy coordinated to cover liability exposures for a
large group of businesses that have something in common. Might
be used to insure all businesses working on a large construction
project, such as an apartment complex.
WRITE
To insure, underwrite, or accept an application for insurance.
WRITTEN PREMIUMS
See Premiums written
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