|
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
waiting period
(1) In medical expense insurance, a
prescribed amount of time following policy issue during which the
insured's medical expenses are not covered by the policy. Such waiting
periods usually last from 14 to 30 days following policy issue and
normally apply only to medical expenses arising from sickness, not from
accidents. (2) In disability income insurance, a specified amount of time,
beginning with the onset of the disability, during which benefits are not
payable. Such waiting periods may last from seven days to six months. The
waiting period in a disability income insurance policy is sometimes called
the elimination period or the probationary period. (3) In a group
insurance plan, the length of time that a new group member must wait
before being eligible to join the group plan. Also called a probationary
period.
Top | Back
waiver of deductible provision
A provision found in some
major medical coverages that waives a claimant's initial deductible if the
claimant's medical expenses are the result of an accidental injury.
Top | Back
waiver of premium for disability (WP) benefit
A rider or a
policy provision under which the insurer promises to give up its right to
collect the policy's premium if the policyowner becomes unable to work
because of an accident or injury. The waiver of premium for disability
benefit remains in effect as long as the policyowner is disabled.
Top | Back
waiver of premium for payor benefit
A rider or provision
often included in juvenile policies which provides that the insurer will
give up its right to collect the policy's premiums if the adult
policyowner, not the insured child, dies or becomes disabled.
Top | Back
war exclusion provision
A life insurance policy provision
that limits an insurer's liability to pay a death benefit if the insured's
death is connected with war or military service. See result clause and
status cause.
Top | Back
weekly indemnity plan
A type of short-term disability income
insurance plan which typically pays a weekly benefit equal to a stated
dollar amount or a percentage, such as 60 percent, of the insured person's
earnings.
Top | Back
whole life annuity
A mathematical term for a series of
regular periodic payments, each of which is made only if a designated
payee is then alive, with the payments continuing for that payee's entire
life.
Top | Back
whole life insurance
Life insurance that remains in force
during the insured's entire lifetime, provided premiums are paid as
specified in the policy. Whole life insurance also builds a savings
element (called the cash value) as a result of the level premium approach
to funding the death benefit. For descriptions of traditional whole life
products see continuous-premium whole life insurance, graded-premium whole
life insurance, joint whole life insurance policy, limited-payment whole
life insurance, modified-premium whole life insurance, and single-premium
whole life insurance. For descriptions of nontraditional whole life
products see adjustable life insurance policy, current assumption whole
life insurance, indeterminate premium life insurance, universal life
insurance, variable life insurance, and variable universal life insurance.
Top | Back
withdrawal
Voluntary termination of an insurance contract by
the policyowner. See also lapse.
Top | Back
withdrawal provision
A life insurance policy provision that
permits the policyowner to reduce the amount in the policy's cash value or
accumulated value by taking up to that amount in cash. This provision is
often included in universal life policies and annuity policies. Also known
as a partial surrender provision.
Top | Back
workers' compensation
Government-mandated insurance that
provides benefits to covered employees and their dependents if the
employee suffers job-related injury, disease, or death.
Top | Back | 