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Glossary of Insurance Terms - W

Glossary of terms used in insurance - W

  1. Waiting Period: The time when you are not getting cover from insurance.
  2. Well Baby and Well Child Care: These are certain preventive care services which are conducted regularly for children up to a certain age. The age may be set down by the company or by state law. POS and HMO plans usually provide coverage for such facilities. However, coverage may be limited under PPO or fee for service plans.
  3. Wellness Programme: This typically refers to programmes incorporating components like prevention of diseases, self care and promotion of health. It uses health techniques which have been proved to be effective in preventing illnesses and disability. These may include lifestyle alterations also. These programmes may be integrated with existing health care benefits e.g. HMO, PPO, flex benefits etc. It aims at reducing the demand for health care resources. It also addresses the problems of coverage of dependants and high risk members.
  4. Waiver: This refers to the surrender of a privilege or right. In life insurance terms, this might refer to a condition where the insured is unable to pay premiums because of his disabilities. In this case, coverage continues in spite of non -payment of premiums.
  5. Waiver of Premium for Disability (WP) Benefit: This refers to a supplementary life insurance policy or benefit from an annuity contract. Under this provision, the insurance company gives up its right to collect premiums while the insured is suffering a disability. The disability must be as defined in the policy or rider.
  6. War Risk: This is the coverage provided to the cargo in ships in the event of it being confiscated by a country during wartime. It is separate from normal standard ocean marine insurance. It can be bought separately also. It usually excludes the cargo that is waiting for transportation after 15 days of it waiting at the port.
  7. Water Damage Insurance Coverage: This is a part of homeowners’ policy. It provides coverage against accidental damage by water e.g. from pipe bursts. However, covers are not provided against damages caused by a lack of maintenance e.g. damages caused by dripping air conditioners. Additionally, damages caused by floods etc are covered by flood insurance provided by the federal governments.
  8. Weather Derivative: This is a securities product or an insurance that is used as a buffer by businesses dependant on energy or others which are dependent on the weather.
  9. Weather Insurance: This is a kind of business interruption insurance providing covers against losses due to weather conditions. E.g. the damage caused due to heavy rains on the day of a major concert.
  10. Whole Life Insurance: This is a traditional cash value life insurance combining covers against premature deaths with a savings account. The premiums are decided at the onset and they are unchanged over the course of the policy.
  11. Workers Compensation: This is an insurance paying for the rehabilitation of workers, lost wages and medical care when they are unable to work. State laws determine the nature of the benefits offered and they vary from state to state.
  12. Wrap up Insurance: This is a wide policy offering covers to a number of companies having common business interests. It is typically offered to businesses involved in large constructions, for example, companies involved in the construction of an apartment.
  13. Write: This refers to the underwriting, acceptance of application or insuring of a policy.

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