Insurance Terms: W-Z

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point Insurance Terms: W

  • Waiting Period under a health insurance policy, the waiting period is the time that has to pass from the policy issue date until the date the benefits become payable. In some cases, the waiting period may also be called an “elimination period” or a “probationary period.”
  • Waiver is the surrender of a right or privilege. With life insurance, a waiver will set provisions and include certain conditions.
  • Waiver of Premium is a provision set with some insurance contracts enabling a waiver of the premium payment and allowing policy to remain in force when the insured person is unable to work because of an accident or injury.
  • Water-Damage Insurance Coverage is a type of insurance protection included with most Homeowners Insurance policies. This coverage insures against the peril of sudden and accidental water damage, caused by a burst pipe or other incidental risks for water damage. This coverage doesn’t cover damage from a lack of proper maintenance like dripping air conditioner units or damage caused by Flood. The federal government provides Flood Insurance policies.
  • Weather Insurance is business interruption insurance compensating the policyholder for the financial loss caused by adverse weather conditions.
  • Whole Life Insurance is a form of life insurance designed to remain in force for the lifetime of the policyholder. The whole life policy pays benefits when the insured policyholder dies no matter when that time might be. Whole life insurance is the oldest type cash value life insurance combining protection against premature death and a method to build a savings account. The premiums are set at a fixed rate and guaranteed and remain level throughout lifetime of the policy.
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  • Workers Compensation Insurance is insurance that will pay the medical care bills and for physical rehabilitation when a worker is injured. Workers compensation insurance will help replace lost wages while the worker is not able to work. The state laws, vary greatly, however every state has worker compensation laws which govern the amount of benefits paid and the specific provisions and limits of compensation.
  • Write is the insurance lingo for insuring someone. Insurance agents “write” new business. Underwrite write the policy contract, and the insurance company accepts an application for insurance.
Insurance Terms-W-Z

point Insurance Terms: X

  • XXX REGULATION is the National Association of Insurance Commissioner’s current model valuation law for life insurance policies, adopted in March 1999. This law outlines how much an insurance company should hold in reserves for every term life insurance policy issued. This model is being used in most states.

point Insurance Terms: Y

  • Yearly Renewable Term (YRT) Insurance is life insurance that is issued One-year at a time and is renewable at the end of the policy period. This type of insurance may also be called annually renewable term (ART) insurance.

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Glossary of Insurance Terms:

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