W – Glossary of Terms


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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.

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).

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.

Written Premiums:
The total amount of premiums written in a year for all polices issued by an insurance company.

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