Glossary of Insurance Related Terms

Waiting period

(1) In medical expense insurance, a prescribed amount of time following policy issue during which the insured’s medical expenses are not covered by the policy. Such waiting periods usually last from 14 to 30 days following policy issue and normally apply only to medical expenses arising from sickness, not from accidents. (2) In disability income insurance, a specified amount of time, beginning with the onset of the disability, during which benefits are not payable. Such waiting periods may last from seven days to six months. The waiting period in a disability income insurance policy is sometimes called the elimination period or the probationary period. (3) In a group insurance plan, the length of time that a new group member must wait before being eligible to join the group plan. Also called a probationary period.

Waiver of Premium (WP)

An optional policy provision that continues the coverage without further premium payments if the insured becomes totally disabled.

Waiver of premium for disability (WP) benefit

A supplementary life insurance policy benefit under which the insurer waives renewal premiums that become due while the insured is totally disabled.

Waiver of premium for payor benefit

A supplementary life insurance benefit often included in juvenile policies which provides that the insurer will waive the policy’s renewal premiums if the adult policyowner, not the insured child, dies or becomes disabled.

War Clause

A provision in a life insurance policy excluding liability of an insurer if a loss is caused by war.

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. One of the major classes of insurance. It is generally sold in amounts of less than $1,000 by agents who service insureds on debits. The premiums are collected weekly or monthly at the address of the insured.(1) The amount of premium charged or debited to an agent to be collected. (2) The book of business represented by such premiums. (3) The territory where most of the insureds are located. (4) The total number of individual or home service insureds assigned to a given agent for collection of weekly or monthly premiums and for servicing, commonly referred to as "people in my debit." (LI)

Whole life insurance

Life insurance that remains in force during the insured’s entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance also builds a savings element (called the cash value).

Wholesale Group Insurance

A plan for covering groups of persons with individual policies having uniform provisions, although they may differ in benefits. Individual contracts are issued to each person with individual underwriting. It is usually applied to groups too small to qualify for true group coverage, and the solicitation of cases usually takes place among an employer's work force with his consent. In Life Insurance, it is sometimes called Wholesale Insurance. Contrast with True Group Insurance. (LI,H)

Will

The legal statement of a person's wishes concerning the disposal of his or her property after death.

Wisconsin Life Fund

The system of state underwritten and issued Life Insurance established by the state of Wisconsin and providing Life Insurance for citizens who apply. Wisconsin is unique among the 50 states in this respect. (LI)

Withdrawal

Voluntary termination of an insurance contract by the policyowner.

Women Leaders Round Table (WLRT)

An association of women Life Insurance agents who produce the volume of business required by the organization for membership. It is sponsored by the National Association of Life Underwriters. (LI)

Written Business

Insurance on which an application has been taken out but which is not yet delivered and/or the first premium settled. (LI)