Suburban Insurance
PIA IIA
Insurance Agency and Brokerage
Serving Pennsylvania & New Jersey

Insurance Glossary

Insurance Glossary

NOTE:
This glossary provides a comprehensive list of the most commonly used terms in property/casualty insurance.
Some life and health insurance terms are included. This is not an all-conclusive glossary of terms.

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W

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.