|
Waiting Period
|
1)In health insurance, the duration of time between the start of a disability and the start of benefits, as provided in the policy. Also known as elimination period.
2)In some business interruption insurance policies, a deductible clause.
|
|
Waiver
|
1)In property-liability insurance, the intentional relinquishment of a known right. To illustrate, and insurance policy may set forth certain conditions with which a policyholder must comply under penalty of voiding the insurance, e.g., maintain a watchman on the premises or keep a sprinkler system in working condition. The company may voluntarily give up this right to avoid the policy. Such a waiver may be conveyed by implication or by direct statement. Estoppel is a term sometimes used interchangeably with waiver in the law of insurance.
2)A waiver-or-premium provision in a life or health insurance policy that the policy will be kept in force by the insurer without payment of further premiums if the insured becomes permanently and totally disabled as defined in the policy.
|
|
Waiver of Subrogation
|
A condition of an insurance policy which states that the coverage will not be prejudiced if the insured has waived in writing prior to a loss any rights of recovery from a party responsible for the loss.
|
|
War Risk Clause
|
Language exempting the insurer from liability for claims arising out of war or warlike operations.
|
|
Warehouse to Warehouse Clause
|
Language in a policy of marine cargo insurance which extends the protection from the warehouse at which the shipment originates to the one at which it terminates. Marine policies originally covered only on shipboard, leaving the property without insurance in between unless specifically arranged.
|
|
Warehousepersons' Legal Liability
|
Covers responsibility for loss or damage to property in the insured's warehouse.
|
|
Water Damage Insurance
|
Insurance against loss due to the accidental presence of water (other than flood or surface water) in places it is not supposed to be.
|
|
Watercraft Exclusion
|
An exclusion in most standard personal commercial liability coverages regarding watercraft. Often excluded is liability from the ownership, use, maintenance, rental, or loan of watercraft.
|
|
Weather Insurance
|
A specialty insurance that provides coverage for loss of income and/or expenses when an outdoor special event must be canceled or postponed due to weather conditions. Usually written on a per-event basis.
|
|
Wedding Presents Floater
|
An "all-risk" inland marine form designed to insure wedding presents before and for a limited time after a wedding.
|
|
Worldwide Coverage
|
Endorsements or policy provisions that broaden the coverage territory to worldwide, thus giving the insured the applicable insurance protection anywhere in the world.
|
|
Wrap-Up-Policy
|
One policy, covering all involved interests for big construction projects, i.e., the owner, the contractor, subcontractor, suppliers, etc., providing general liability and workers compensation insurance.
|
|
Written Premiums
|
The premiums on all the policies which a company has issued in a period of time, as opposed to earned premium.
|
|
Wrongful Death Act
|
A law in some states that permits the possible recovery, by a legal representative of a deceased such as the executor, administrator, widow, widower, dependent children or next of kin, from the party causing death, of legally recoverable special and/or general damages.
|
Services