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INSURANCE LEGAL GLOSSARY |
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Glossary of
Insurance Terms
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Waiver of Collision Deductible: This option pays your collision deductible when you carry collision coverage on a vehicle that is damaged by an uninsured or hit-and-run motorist who is at fault. Coverage applies only when there is actual physical contact and when you can identify the uninsured driver or vehicle.
Waiting Period: Has two meanings: (1) the time period you must wait before you can get health insurance from a new employer; and (2) the time that must pass after becoming insured before the policy will begin to pay benefits for a pre-existing condition or specified illness.
Waiver: An amendment to a policy that excludes coverage for certain medical conditions.
Whole Dollar Premium: Generally, insurance premiums are rounded to the nearest dollar; an amount of 51 cents or more being rounded up to the next dollar, and any amount less than that being dropped
Whole Life Insurance: Insurance which may be kept in force for a person's whole life and which pays a benefit upon his death, whenever that may be. All Whole Life policies build up non-forfeiture values, but they are paid for in 3 different ways. Under a Straight or Ordinary Life policy, premiums are paid for as long as the insured lives. A single premium policy is paid for at one time in one premium. Between these two types there are many limited-payment plans, under which the insured pays premiums for a certain period or until reaching a certain age. Contrast with Term Insurance.
Work and Materials Clause: This is a provision found in many Property Insurance policies which states that the insured is allowed to have the typical types of work and materials for his business. The clause makes this clear so that the policy cannot be voided later because of the "increased hazard" provision of the Standard Fire policy.
Workers Compensation: (1) A schedule of benefits payable to an employee by his employer without regard to liability, required by state law in the case of injury, disability, or death as the result of occupational hazards. (2) Insurance agreeing to pay Workers Compensation law benefits on behalf of the insured employer.
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