Waiver:
The surrender of a right or privilege. In life insurance,
a provision that sets certain conditions, such as disablement,
which allow coverage to remain in force without payment of
premiums.
War Risk:
Special coverage on cargo in overseas ships against the risk
of being confiscated by a government in wartime. It is excluded
from standard ocean marine insurance and can be purchased
separately. It often excludes cargo awaiting shipment on a
wharf or on ships after 15 days of arrival in port.
Water-Damage Insurance Coverage:
Protection provided in most homeowners insurance policies
against sudden and accidental water damage, from burst pipes
for example. Does not cover damage from problems resulting
from a lack of proper maintenance such as dripping air conditioners.
Water damage from floods is covered under separate flood insurance
policies issued by the federal government.
Weather Derivative:
An insurance or securities product used as a hedge by energy-related
businesses and others whose sales tend to fluctuate depending
on the weather.
Weather Insurance:
A type of business interruption insurance that compensates
for financial losses caused by adverse weather conditions,
such as constant rain on the day scheduled for a major outdoor
concert.
Workers’ Compensation:
A system (established under state laws) under which employers
provide insurance for benefit payments to employees for their
work-related injury, death and disease regardless of fault.
Not to be mistaken as health insurance.
Wrap-Up Insurance:
Broad policy coordinated to cover liability exposures for
a large group of businesses that have something in common.
Might be used to insure all businesses working on a large
construction project, such as an apartment complex.
Write:
To insure, underwrite or accept an application for insurance.
Written Premiums:
See Premiums Written.
Sources: Original glossary reprinted, with permission, Allstate
Insurance Company, Northbrook, IL, with all rights. Excerpts
also from Insuring Your Business, by Sean Mooney, Chief Economist,
Director of Research, and Senior Vice President at Guy Carpenter
& Company in New York, and former economist, Insurance
Information Institute; Ensuring Availability: Residual
Property Insurance Plans, Property Insurance Plans Service Office and
The Buyers’ Guide to Business Insurance, PSI Research.
Additional glossary terms from online glossary of the Insurance
Information Institute, www.iii.org/media/glossary/. |
