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• Protecting Your Family
• Managing Finances
• Retiring in Style

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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)