Waiting Period: The length of time an employee must wait from a date of employment or application for coverage, to the date his/her insurance is effective.
Waiver: An agreement attached to a insurance 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 continue premium payments due during a period of continuous total disability that has lasted for a specified length of time.
Whole Life Insurance: A life insurance policy that allows benefits to be payable to a beneficiary at the death of the insured whenever that occurs. Premiums may be payable for a specified number of years (limited payment life) or for life (straight life).
Will: A legal statement of an individual’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 that are: injured, killed, or are sick due to occupational hazards.
The total amount of premiums written in a year for all polices issued by an insurance company.