Dictionary of Insurance Terms -W-

-W-

• Waiting Period: The length
  of time an employee must wait from his/her date of
  employment or application for coverage, to the date
  his/her insurance is effective.
• Waiver: An agreement attached to a
  policy which exempts from coverage certain disabilities
  or injuries that otherwise would be covered by the
  policy.
• Waiver of Premium: A
  provision in some policies to relieve the insured of
  premium payments falling due during a period of
  continuous total disability that has lasted for a
  specified length of time, such as three or six months.
• Will: The legal statement of a
  person’s wishes concerning the disposal of his or her
  property after death.
• Workers Compensation:
  A system established under state law that provides
  payments, without regard to fault, to employees injured
  in the course and scope of their employment.
• Workers’
  Compensation Insurance: Insurance against liability
  imposed on certain employers to pay benefits and furnish
  care to employees injured, and to pay benefits to
  dependents of employees killed in the course of or
  arising out of their employment.
• Written Premiums: The
  entire amount of premiums due in a year for all polices
  issued by an insurance company.