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Glossary
Table of Contents
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 | 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.
| Waiting Period: (see "Elimination
Period")
| 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.
| Whole Life Insurance: Life insurance
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).
| Whole Life Insurance: A plan of
insurance for the whole of life. It includes straight life on which premiums
are payable until death.
| 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. |
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