Glossary Index

Glossary on General Insurance Terms starting with W


WAGERING CONTRACTS : Marine insurance contracts whereby the insured has no insurable interest in the covered subject matter nor does s/he have any expectations of procuring interest during any time while the policy is in force

WAITING PERIOD : Time mentioned as "waiting period" in the insurance contract during when any loss-taking place is irrecoverable under the plan

WAIVER : Voluntary relinquishment of any known right; may arise when an individual knowing of right accrued to him or her fails to take advantage of it within reasonable period of time

WAIVER OF SUBROGATION :  Clause in policies that are issued in favor of two or more parties having financial interest and/or involvement in the insured subject matter where the insurance provider consents to waive rights or action or subrogation that may have been acquired against any of the insured due to an occurrence where claim is admissible under the policy

WAR RISKS TIME POLICY-GOVERNMENT OF INDIA WAR RISKS SCHEME FOR MARINE HULLS : Scheme by the Indian Government for insuring Indian hulls against risks due to strikes or wars; applicable to all vessels registered under Merchant Shipping Act 1958, also applicable to ships qualifying for registration that are under construction or acquired from foreign owners from the time they are at risk of Indian owners; also applicable to mechanized sailing vessels

WAREHOUSE TO WAREHOUSE COVER : Voyage through which the cargo to be moved begins from seller warehouse and terminates on arrival at buyer warehouse; scope of cargo coverage extended to take care of interior transits at both ends of the ocean transit too

WAREHOUSE-KEEPERS :  Organizations or individuals that receive goods for the purpose of storage in their warehouse/s; they must exercise sufficient care and diligence and receive payment for the delivered services; they have lien on the goods for charges that are payable to them and thus have an insurable interest in these goods

WARRANTED UNDERDECK : Incorporated in marine insurance policies giving a promise or undertaking by the insured stating the insured cargo will be carried under deck any breach of this warranty enables insurance provider to avoid the contract

WARRANTY : Undertaking by the assured stating that something will be done; certain state of facts do not exist, something will not be done, or certain state of facts do exist

WARRANTY SURVEYORS : Surveyors that conduct surveys related to towing of one vessel by another; suggesting towage method; appropriateness of towing line; monitoring climatic conditions during towing, and precautions that need to be taken to avoid any accidents; warranty surveyor also approve condition of vessel that must be towed and vessel used for towing based on the journey, capability, and distance

WARSAW CONVENTION : Signed in 1929 is an international agreement governing liability of air carrier/s in case of damage to passengers baggage and booked cargo carried from one nation to another; it now amended as Hague Protocol from 1963

WAIVER OF PREMIUM : Provision within some insurance policies for relieving the insured of premium payments falling due during a period of continued total disability lasting for a specified time; such as 3 or 6 months

WHOLE LIFE INSURANCE :  Life insurance payable to beneficiary/beneficiaries on the demise of the assured; premiums may be paid for specified number of years or for life

WILL : Legal statement of an individual's wishes concerning the disposal of her or his property on death

WORKERS COMPENSATION : System established under state laws providing payments without regarding fault to employees injured during their scope or course of employment

WORKERS' COMPENSATION INSURANCE : Insurance against liability imposed on employers to pay benefits and provide care to injured employees and pay benefits to dependents of deceased employees during the course of employment

WRITTEN PREMIUMS :  Entire amount of premiums due within a year for all the insurance policies issued by insuranceservice provider

WAIVE :  Forego, refrain from insisting on application of the insurance deductible under certain specified conditions

WAIVER CLAUSE :  Clause that entitles underwriter and insured for adopting measures for prevention or reduction of losses without prejudice to rights of either party

WATERBORNE AGREEMENT :   Market understanding where the underwriters cover goods against risks due to war only whilst these are on board foreign vessels; rule is relaxed in case goods in trans-shipping port for a short duration awaiting onward carriage

WITHOUT BENEFIT OF SALVAGE : Term in marine insurance where the underwriter forgoes subrogation rights; policy including such term is deemed to be gambling policy under law and not valid in the courts

WITHOUT PREJUDICE : Claim paid on the occasion; although the insurer feels it does not attach the plan but such action must not be treated as precedent for similar claims during the future