Glossary of Insurance Terms
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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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. |
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WRITE To insure, underwrite, or accept an application for insurance. |
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WRITTEN PREMIUMS See Premiums written |
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Reprinted with permission Insurance Information Institute (I.I.I.) All Rights Reserved http://www.iii.org These definitions provide a brief description of several terms used within the insurance industry. These definitions do not apply for all states or for all products. This is not an insurance contract. Other terms, conditions, and exclusions may apply. These definitions do not change the terms of any insurance contract. The inclusion of a definition of a particular coverage does not necessarily indicate that we offer that coverage. Should any conflict exist between these definitions and the provisions of the applicable insurance policy, the terms of the insurance policy control. Coverage availability varies by state. Please read the Columbia Insurance Group policy for full details regarding the coverages offered by our underwriting companies. |
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