Wednesday, February 17, 2010

Life Insurance Glossary - W

Warranty
A statement concerning the condition of the item to be insured which is made for the purpose of permitting the underwriter to evaluate the risk; if found to be false, it provides the basis for void of the policy

Weekly benefits (for Personal Accident Insurance)
They are paid for the period of temporary total disablement following an injury which is admissible under the policy

Workers Compensation
A system of providing for the cost of medical care and weekly payments to injured employees or to dependants of those killed in the course of or arising out of their employment in industry in which Absolute Liability is imposed on the employer, requiring him or her to pay benefits prescribed by law

Written Premiums
The premiums on all policies which a company has issued in some period of time.


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Life Insurance Glossary - G

Life Insurance Glossary - H

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Monday, February 8, 2010