Waiver:
(1) A rider waiving (excluding) liability for a stated cause of
injury or sickness: (2) A provision or rider agreeing to waive premium
payments during a period of disability of the insured: (3) The act
of giving up or surrendering a right or privilege that is known
to exist: In Property and Liability fields, it may be effected by
an agent, adjuster, company, employee, or company official, and
it can be done either orally or in writing: (G,LE)***
Waiver of Restoration Premium:
(1) An agreement or decision to forego any premium for reinstatement
of the face amount of coverage under an insurance policy after
it has been reduced by the amount of a loss payment: (2) A provision,
especially in bonds, for automatic restoration of the full amount
of protection without cost to the insured:
War Risk Insurance:
Insurance covering damage caused by war: Most often written by
Ocean Marine Insurance companies covering vessels:
Warsaw Convention:
An international agreement setting limits of liability on international
flights with respect to payments for bodily injury and death:
We/Us/Our:
These words are used to refer to the insurer in many of the modernized/personalized
policy forms recently introduced:
Welfare:
See Public Assistance:
Whole Dollar Premium:
In many insurance contracts today, the premiums are rounded to
the nearest dollar, rather than carrying them out to the nearest
cent: An amount of 51 cents or more is usually rounded up to the
next dollar, and any cents amount less than that is dropped:
Will Ride:
Coverage that remains in effect regardless of the geographical
location in which a loss occurs:
Willful Injury:
See Intentional Injury:
Write:
To insure, to underwrite, or to accept an application:
Written
Premiums:
The total premiums on all policies written by an insurer during
a specified period of time, regardless of what portions have been
earned: Contrast with Earned Premium:
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