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*Terms marked with an asterisk are from LOMA’s
Glossary of Insurance and Financial Services Terms. Copyright © 2002
LOMA (Life Office Management Association, Inc.). Used with
permission from LOMA. Click here
for more information
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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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