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  • Wage loss benefits
  • Waiting period
  • Waiver
  • Waiver of collision deductible
  • Waiver of premium for payor benefit rider
  • Waiver of subrogation
  • War exclusions or war risk clause
  • War risk insurance
  • Warehouse to warehouse clause
  • Warehousepersons legal liability policy
  • Warranted no known or reported losses (WNKORL)
  • Warranty
  • Warranty fire
  • Warsaw Convention
  • Watchman warranty clause
  • Watchperson
  • Water damage insurance
  • Watercraft exclusion
  • Wave damage insurance
  • Weather derivative
  • Weather hedge
  • Weather insurance
  • Web-related risks
  • Wedding insurance
  • Wedding presents floater
  • Weekly indemnity plan
  • Wellington Agreement
  • Wellness programs
  • Wet marine
  • Wharfinger's liability
  • While clauses
  • Whole dollar premium
  • Whole life insurance
  • Will ride
  • Willful injury
  • Windstorm (including tornado and cyclone) insurance
  • Without prejudice
  • WNKORL--warranted no known or reported losses
  • Work and materials clause
  • Work-on-hand reports
  • Workers compensation insurance
  • Workers Compensation Self-Insurers Bond
  • Working capital
  • Working excess
  • Working layer
  • Worldwide coverage
  • Wrap
  • Wrap-up-policy
  • Write
  • Written premiums
  • Wrongful abstraction
  • Wrongful death act
  • Wrongful eviction

Wage loss benefits

Most often mentioned with workers compensation, the term refers to amounts sought in damages that represent income a person has lost (or possibly will lose) due to an injury or loss preventing the person from performing his/her job.

Waiting period

1) In health insurance, the duration of time between the start of a disability and the start of benefits, as provided in the policy. Also known as elimination period.

2) In some business interruption insurance policies, a deductible clause.


1) In property-liability insurance, the intentional relinquishment of a known right. To illustrate, an insurance policy may set forth certain conditions with which a policyholder must comply under penalty of voiding the insurance, e.g., maintain a watchperson on the premises or keep a sprinkler system in working condition. The company may voluntarily give up this right to void the policy. Such a waiver may be conveyed by implication or by direct statement. Estoppel is a term sometimes used interchangeably with waiver in the law of insurance.

2) A waiver-of-premium provision in a life or health insurance policy that the policy will be kept in force by the insurer without payment of further premiums if the insured becomes permanently and totally disabled as defined in the policy.
Waiver of collision deductible

This option pays your collision deductible when you carry collision coverage on a vehicle that is damaged by an uninsured or hit-and-run motorist who is at fault. Coverage applies only when there is actual physical contact and when you can identify the uninsured driver or vehicle.

Waiver of premium for payor benefit rider

Used in juvenile policies or policies where the premium payor is different from the insured to pay for premiums if the payor should become disabled or die. The payor is the insured under the rider.

Waiver of subrogation

A condition of an insurance policy which states that the coverage will not be prejudiced if the insured has waived in writing prior to a loss any rights of recovery from a party responsible for the loss.

War exclusions or war risk clause

Language exempting the insurer from liability for claims arising out of war or warlike operations.

War risk insurance

Insurance against loss or damage to property due to war. It is freely written on marine risks but not on property or land. During World War II, the government insured war risks on land.

Warehouse to warehouse clause

Language in a policy of marine cargo insurance which extends the protection from the warehouse at which the shipment originates to the one at which it terminates. Marine policies originally covered only on shipboard, leaving the property without insurance in between unless specifically arranged.

Warehousepersons legal liability policy

Covers responsibility for loss or damage to property in the insured's warehouse.

Warranted no known or reported losses (WNKORL)

This term has application to the excess or catastrophic reinsurance market. When a reinsurer is asked to back date a contract or agreement, the ceding company is asked to sign a statement or warrant in the application that no known or reported losses exist, to protect the reinsurer from providing coverage for known losses.


A statement by the insured about the literal truth on which the insurance contract depends. Warranties may relate to matters existing at or before the issuance of the policy (affirmative warranties) or may be undertakings by the insured that something be done or omitted after the policy takes effect and during its continuance (promissory warranties). Many states have restricted by statute the common law rule that "any breach of warranty avoids an insurance policy"; for example, under the New York law, a breach of warranty to avoid the policy must have "materially increased the risk of loss, damage or injury within the coverage of the contract."

(See condition.)

Warranty fire

Fire insurance made available for high exposure, difficult to place, and substandard properties which are either unable to find coverage in the standard market or where there is a capacity problem. The coverage is a joint pro rata arrangement between a domestic insurer and the London market. The policy is designed by the domestic, which is otherwise known as the warranty company.

Warsaw Convention

An agreement reached in 1929 between a number of countries to establish uniform legislation affecting the legal responsibility of international air carriers. The convention (or laws enacted in conformity) limits the liability of air carriers of signatory countries to specific amounts for each passenger claim for bodily injury and also provides limits for damage to luggage or other cargo. This agreement relates only to international flights.

Watchman warranty clause

A policy condition that permits application of a reduced premium for covered property (premises) that is protected by a guard.


Any person the insured retains specifically to have custody of property inside a covered premises.

Water damage insurance

Insurance against loss due to the accidental presence of water (other than flood or surface water) in places it is not supposed to be.

Watercraft exclusion

An exclusion in most standard personal and commercial liability coverages regarding watercraft. Often excluded is liability from the ownership, use, maintenance, rental, or loan of watercraft.

Wave damage insurance

Insurance against damage done by the action of waves, as opposed to damage done by the wind alone. Wave damage is excluded by policies covering wind damage and must be insured by a special policy or clause attached to a policy.


Workers Compensation Claim Law Associate designation sponsored by the American Educational Institute. Headquarters: Basking Ridge, NJ.

Weather derivative

(See weather hedge.)

Weather hedge

Currently, a non-insurance financial agreement that allows a firm to protect itself from the impact of adverse weather conditions (particularly temperatures) on firm profitability.

Weather insurance

A specialty insurance that provides coverage for loss of income and/or expenses when an outdoor special event must be canceled or postponed due to weather conditions. Usually written on a per-event basis.

Web-related risks

A recent term for the set of loss exposures related to an entity's personal and/or business activities on the World Wide Web. The loss exposures may include (but are not limited to) loss of income, fraud, business interruption, or liability losses involving personal injury or even copyright infringement.

Wedding insurance

A special event policy that protects against loss from an unforeseen circumstances that affects wedding plans such as the cost to cancel and reschedule, having to replace a caterer or band, loss of wedding attire or rings, etc.

Wedding presents floater

An "all-risk" inland marine form designed to insure wedding presents before and for a limited time after a wedding.

Weekly indemnity plan

Pays short term disability benefits. Usually associated with a group employee benefits program.

Wellington Agreement

A chapter of the massive asbestos litigation, this was an agreement between key asbestos producers and insurers to create a special asbestos claim-handling center to deal with claim payments, arbitration and related issues.

Wellness programs

Activities by certain employers to enhance the health of their employees.

(See health promotion.)

Wet marine

(See ocean marine insurance.)

Wharfinger's liability

A type of insurance that protects parties who own wharves. The insurance applies to damage suffered by cargo, ships and other property that is located on a covered party's wharf (dock) or that occurs to a vessel that breaks away from the dock. Such losses occur during docking, loading/unloading and/or when a vessel is being refueled or re-supplied.

While clauses

A policy provision that is in effect contingent upon some other policy condition occurring, such as a coverage suspension on a fire policy until an extinguishing system is repaired.
Whole dollar premium

Generally, insurance premiums are rounded to the nearest dollar; an amount of 51 cents or more being rounded up to the next dollar, and any amount less than that being dropped.

Whole life insurance

A common type of life insurance coverage providing a face value death benefit for the entire or whole life of the insured, unless the insured should cancel or not pay premiums.

Will ride

Coverage that remains in effect regardless of the geographical location where the loss occurs.

Willful injury

Depending upon the type of insurance,

1) injuries that are caused intentionally or with intent to harm or injure; or

2) self-inflicted injuries,

either of which is usually considered excluded by its respective policy type.

Windstorm (including tornado and cyclone) insurance

Protection against damage done to property by unusually high winds, cyclones, tornadoes, or hurricanes. Today windstorm insurance is not available except under an extended coverage endorsement.

Without prejudice

An action taken during claims negotiations designated as "without prejudice" is intended to be without detriment to the existing rights of the parties.

(See nonwaiver agreement.)

WNKORL--warranted no known or reported losses

This term has application to the excess or catastrophic reinsurance market. When a reinsurer is asked to back date a contract or agreement, the ceding company is asked to sign a statement or warrant in the application that no known or reported losses exist, to protect the reinsurer from providing coverage for known losses.

Work and materials clause

This clause gives the insured permission to perform those operations, and to keep on the premises those materials that are usual to the occupancy of the insured. Standard fire insurance policies provide that they shall be suspended if the hazard is increased within the knowledge or control of the insured.

Work-on-hand reports

A financial document that tracks the progress of a contractor's on-going projects.

Workers compensation insurance

Protection which provides benefits to employees for any injury or contracted disease arising out of and in the course of employment. All states have laws which require such protection for workers and prescribe the length and amount of such benefits provided.

Workers Compensation Self-Insurers Bond

A bond that acts as an alternative to buying workers compensation insurance to pay workers for on-the-job injuries.

Working capital

The funds or capital that a risk can access quickly, sometimes called net quick assets. The simplified formula used to compute the working capital available is current assets minus current liabilities.

Working excess

A type of per risk reinsurance that addresses accounts with the potential of experiencing loss frequency rather than severity, so the reinsurance coverage would attach at a much lower level than traditional reinsurance.

Working layer

A reinsurance term involving multiple layers of reinsurance. The first layer is the insurer's retention. The second layer is usually called the working layer because this is where most claims that pierce the retention limit will occur. There may be layers of reinsurance above the working layer.

Worldwide coverage

Endorsements or policy provisions that broaden the coverage territory to worldwide, thus giving the insured the applicable insurance protection anywhere in the world.


A general contractor is typically the party responsible for providing primary insurance coverage on the contract. This coverage must include protection for the work done by and the exposures resulting from the use of subcontractors. This includes coverages such as general liability and workers compensation but may also include business auto exposures. In order to obtain the necessary coverage, insurers may have to develop special programs and manuscript or tailoring endorsements to clarify the extent of the protection and who/what it encompasses. It is sometimes referred to simply as a "wrap."


One policy, covering all involved interests for big construction projects, i.e., the owner, the contractor, subcontractor, suppliers, etc., providing general liability and workers compensation insurance.


To insure, underwrite, or to accept an application.

Written premiums

The premiums on all the policies which a company has issued in a period of time, as opposed to earned premium.

Wrongful abstraction

A term typically found in crime policies, referring to an unauthorized or illegal taking of money or securities.

Wrongful death act

A law in some states that permits the possible recovery by a legal representative of a deceased such as the executor, administrator, widow, widower, dependent children or next of kin from the party causing the death, of legally recoverable special and/or general damages.

Wrongful eviction

Physically evicting a party from a public place in violation of his or her civil rights.