What is Waiting Period ?

Waiting period
A period of time which must lapse after after,say,the inception of a disability,before benefits become payable.Commonly found in permanent Health Insurance Policies.

General Insurance Terms For Y

York Antwerp Rules
The treaty adopted buy major countries to determine adjustment for general average in Marine Insurance.

marine insurance terms

Life Insurance Terms W

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.

Life Insurance Terms Y

YRT.
See Yearly Renewable Term.

Yearly (or Annual) Renewable Term (YRT).
(1) Term Life Insurance that may be renewed annually without evidence of insurability until some stated age. (2) A form of Life, and sometimes Health, Reinsurance in which the reinsurer assumes only the mortality risk, which is usually calculated as the face amount of reinsurance minus the terminal reserve.

Years Certain Annuity.
See Annuity Certain.

Life Insurance Terms Z

Z Table.
A mortality table showing ultimate experience on insured lives computed from the experienced mortality on Life policies issued by major companies from 1925 to 1934. The Z Table was a step in the development of the Commissioners' Standard Ordinary (CSO) Table of Mortality.

Exclusions for MHI policies

A MHI policy also contains certain exclusions, just like other insurance policies. You must be aware what these are and if you don’t understand them, ask your agent or insurance company. Some common exclusions are the following:

• Pre-existing conditions – Conditions and illnesses experienced by you prior to applying for the policy. These conditions and illnesses would be excluded from coverage by your
insurance company. You should check with your insurance company regarding the details of pre-existing conditions for the policy that you intend to buy.

• Specified illnesses – These are defined as 12 disabilities (e.g. tumours and gastritis) and their related conditions. You will not be covered for these illnesses if the illnesses have been treated or occurred during the first 12 months of your policy.

• Qualifying/waiting period – You will not be eligible for any claim arising from any medical or physical conditions within the first 30 days of the cover, except for accidental injuries.

Cancelling your policy

You may cancel your MHI policy by giving a written notice to the insurance company. For certain types of MHI policies, you may be entitled to a certain amount of refund of the premium, provided that you have not made a claim on the policy. You can obtain details of the policy cancellation process, including the amount of premium refund, in the policy contract, or from your insurance company or its agents.

It is important that you understand the terms used in a MHI policy. If you have any doubts about the meanings of these terms, you should ask your agent or the insurance company. As a MHI policy is a legal contract, the meanings used in the policy will apply when a claim is made. Some of the more important terms are as follows (These are not the legal meanings. Please refer to your policy contract for the actual definitions):

• Pre-existing conditions – These are conditions or illnesses that existed before the effective date of a MHI policy, for which you are receiving treatment or have shown symptoms. It doesn’t matter whether you are aware of them or not. If you had consulted a medical doctor for any pain or discomfort, this would be regarded as a symptom of a disability.

• Overseas treatment – You may or may not be covered for treatment obtained overseas, subject to the exclusions, limitations and conditions specified in the policy contract.

• Misstatement of age – Your age is an important rating factor in your MHI policy. If you have misstated your age and the premium paid as a result is not enough, any claim payable under the policy will be pro-rated, based on the ratio of the actual premium paid to the correct premium that should have been charged.

• Qualifying/waiting period – Most MHI policies contain a waiting period for illness and disease, which means that eligibility for benefits under the policy will only start 30 days after the effective date of the policy.

• Residence overseas – If you were to live or travel out of Malaysia for more than 90 consecutive days, no benefits will be payable for medical treatment outside Malaysia.

• Free-look period – If you decide not to take up a MHI policy, you can cancel the policy by returning it to the insurance company within 15 days from the date of issue. You will be entitled to a refund of the full premium, after deducting administrative expenses incurred by the insurance company for issuing the policy. These expenses shall be RM50 or 10% of the gross premium paid, whichever is lesser.