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INSURANCE GLOSSARY
OF INSURANCE TERMS
WAIVER
The surrender of a right or privilege. In life insurance, a provision that sets certain conditions, such as disablement,
which allow coverage to remain in force without payment of premiums.

WAR RISK
Special coverage on cargo in overseas ships against the risk of being confiscated by a government in wartime. It is
excluded from standard ocean marine insurance and can be purchased separately. It often excludes cargo awaiting
shipment on a wharf or on ships after 15 days of arrival in port.

WATER-DAMAGE INSURANCE COVERAGE
Protection provided in most homeowners insurance policies against sudden and accidental water damage, from
burst pipes for example. Does not cover damage from problems resulting from a lack of proper maintenance such
as dripping air conditioners. Water damage from floods is covered under separate flood insurance policies issued
by the federal government.

WEATHER DERIVATIVE
An insurance or securities product used as a hedge by energy-related businesses and others whose sales tend to
fluctuate depending on the weather.

WEATHER INSURANCE
A type of business interruption insurance that compensates for financial losses caused by adverse weather
conditions, such as constant rain on the day scheduled for a major outdoor concert.

WHOLE LIFE
Insurance which provides coverage for an individual's whole life, rather than a specified term. The oldest kind of
cash value life insurance that combines protection against premature death with a savings account. Premiums are
fixed and guaranteed and remain level throughout the policy’s lifetime.

WORKERS COMPENSATION
Insurance that pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages
while they are unable to work. State laws, which vary significantly, govern the amount of benefits paid and other
compensation provisions.

WRAP-UP INSURANCE
Broad policy coordinated to cover liability exposures for a large group of businesses that have something in
common. Might be used to insure all businesses working on a large construction project, such as an apartment
complex.

WRITE
To insure, underwrite, or accept an application for insurance.
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