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     Glossary of insurance terms…
 
 
 
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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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