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Life Insurance Terms W

Saturday, December 22, 2007
Posted by insurance terms

WLRT.
See Women Leaders Round Table.

Waiver of Premium.
A provision of a Life Insurance policy which continues the coverage without further premium payments if the insured becomes totally disabled.

War Clause.
A provision excluding liability of an insurer if a loss is caused by war.

Weekly Premium Insurance.
(1) A policy the premium on which is collected weekly by an agent calling at the door. It is usually sold in small face amounts. (2) A form of Debit or Industrial Life Insurance. See also Industrial Life Insurance.

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 nonforfeiture 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.


Wholesale Group Insurance.
See Franchise Insurance.

Wisconsin Life Fund.
The system of state underwritten and issued Life Insurance established by the state of Wisconsin and providing Life Insurance for citizens who apply. Wisconsin is unique among the 50 states in this respect.

Women Leaders Round Table (WLRT).
An association of women Life Insurance agents who produce the volume of business required by the organization for membership. It is sponsored by the National Association of Life Underwriters.

Written Business.
Insurance on which an application has been taken out but which is not yet delivered and/or the first premium settled.

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