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.
Workers’ Compensation:
A system (established under state laws) under which employers
provide insurance for benefit payments to employees for their
work-related injury, death and disease regardless of fault.
Not to be mistaken as health insurance.
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.
Written Premiums:
See Premiums Written.
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