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Waiting Period

In disability insurance, a period of time between issuance and acceptance before sickness benefits begin.

Waiver

The voluntary or intentional relinquishment of a known right. A waiver may be expressed or implied.

Waiver Of Premium

An optional provision in Health insurance policies that states that if the insured becomes totally disabled, premiums are waived and coverage remains in force.

Warranty

A specific agreement between the insured and the insurer that certain conditions will be met. This agreement becomes a part of the policy.

Watercraft Endorsement

An endorsement to the Homeowners contract which provides coverage for watercraft which is excluded under the HO policy itself.

Whole Life Insurance

Permanent life insurance that provides for the payment of the face value upon death of the insured, regardless of when it may occur. Whole life insurance accumulates a cash value that may be borrowed or otherwise used by the insured.

Workers Compensation Insurance

Insurance which covers an employer's obligations under Workers Compensation laws, which make the employer responsible for stated damages in the event of a work-related injury or illness. Workers Compensation coverage also includes separate coverage for Employers' Liability.

Write

To insure, to underwrite or to take an application.