The Insurance Glossary is divided alphabetically for a quick and handy reference to understand terms used by insurance companies. Select the first letter of the word or term to locate a definition and brief description. For example, if you need help understanding the term "Automobile Liability Insurance" or the word "Premium", simply select either the letter(s) "A" or "P" from the alphabet menu guide below:

Insurance Glossary: Terms that begin with 'w'

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. 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).

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.