Glossary of Terms

The Resource Center provides a glossary of insurance terms to help you understand the various insurance wordings that may appear in your quotes, cover notes & policies.

Download this guide to Understanding Health Insurance Terms

Health Insurance
Life Insurance
Property and Casualty

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Waiver of Premium

A provision of a Life Insurance policy which continues the coverage without further premium payments if the insured becomes totally disabled.

War Clause

A provision 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. See also Industrial Life Insurance.

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 non-forfeiture 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.

Wholesale Group Insurance

See Franchise Insurance.

Written Business

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