- 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.
- 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.
- 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 policy owner becomes unable to work because of an accident or injury. The waiver of premium for disability benefit remains in effect as long as the policy owner is disabled.
- 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 policy owner, not the insured child, dies or becomes disabled.
- WAIVER OF PREMIUM RESERVE (Table: PLAN_VALUES)
- Enter the Waiver of Premium Reserve factor per thousand for this age and duration.
- 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.
- 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.
- 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.
- 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.
- Withdrawal
- Voluntary termination of an insurance contract by the policy owner. See also lapse.
- Withdrawal provision
- A life insurance policy provision that permits the policy owner 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.
- WOP PREMIUM (Table: PLAN_VALUES)
- Enter the Waiver of Premium Benefit net annual premium per thousand for this age and duration.
- Workers' compensation
- Government-mandated insurance that provides benefits to covered employees and their dependents if the employee suffers job-related injury, disease, or death.
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