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 - V

Valuation
Estimation of the value of an item, usually by appraisal

Valued Policy
An insurance contract in which the value of the thing insured and the amount to be paid in case of total loss is settled at the time of making the policy

Vicarious Liability
In law, liability arising out of imputed negligence

Void
Of no force or effect: null

Void Contract
A contract obtained by fraud is a void contract

Voidable Contract
A contract, which is valid until it is treated as void by the aggrieved party, is a voidable contract.


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Life Insurance Glossary - Y

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