We hope that our extensive glossary of common (and some not-so-common)
insurance terms and phrases proves helpful to you! Simply start
below by choosing the first letter of the word or phrase you want to
learn more about.
A - B - C - D - E - F - G - H - I - J - K - L - M
N - O - P - Q - R - S - T - U - V - W
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.
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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
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