Waiting Period: A period of time when health insurance does not cover an individual for a
specific health problem.
Waiver: An official form stating the relinquishment of right or privilege signed by an
Waiver Clause: A clause which entitles both Underwriter and Assured to take measures to
prevent or reduce loss without prejudice to the rights of either party.
Warranty: A statement made on an application for insurance that is warranted to be true
in all respects. If untrue in any respect, even though the untruth may not have been known
to the person giving the warranty, the contract may be voided whether or not the untruth
or inexactness is material to the risk.
Whole Life Insurance: A life insurance policy that provides coverage for the insured's
whole life, rather than just a specific term. A portion of the premium payments may be used
to build up savings over time.
Without Prejudice: The claim is paid on this occasion, although the Underwriter feels it
does not attach to the policy, but this action must not be treated as a precedent for future
Workers Compensation: (1) A schedule of benefits payable to an employee for injury,
disability, dismemberment, or death as a result of occupational hazard. The payments are a
liability of an employer. (2) Insurance agreeing to pay the Workers Compensation benefits
required by law on behalf of the employer.
The above information is for general informational purposes only and is not to be
construed as a recommendation or advice in any way shape or form.
|Copyright © 2016 Stephen W. Gersh Insurance Agency, Inc. All rights reserved.