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 Insurance
Definitions
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- 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.
- Waiting Period: (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).
- Whole Life Insurance: A plan of
insurance for the whole of life. It includes
straight life on which premiums are payable
until death.
- 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.
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