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Glossary of Insurance Terms

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W

  • Waiver of Premium. :
    A provision of a Life Insurance policy which continues the coverage without further premium payments if the insured becomes totally disabled. (LI)
  • War Clause. :
    A provision excluding liability of an insurer if a loss is caused by war. (LI,H)
  • Weekly Premium Insurance. :
    (1) A policy the premium on which is collected weekly by an agent calling at the door. It is usually sold in small face amounts. (2) A form of Debit or Industrial Life Insurance. See also Industrial Life Insurance. (LI,H)
  • Whole Life Insurance. :
    Insurance which may be kept in force for a person's whole life and which pays a benefit upon his death, whenever that may be. All Whole Life policies build up nonforfeiture values, but they are paid for in 3 different ways. Under a Straight or Ordinary Life policy, premiums are paid for as long as the insured lives. A single premium policy is paid for at one time in one premium. Between these two types there are many limited-payment plans, under which the insured pays premiums for a certain period or until reaching a certain age. Contrast with Term Insurance. (LI)
  • Wholesale Group Insurance. :
    See Franchise Insurance. (LI,H)
  • Written Business. :
    Insurance on which an application has been taken out but which is not yet delivered and/or the first premium settled. (LI)

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a subsidiary of Guardian Holdings Ltd.

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