Insurance terms and definitions from Parkway Insurance Group, Inc.
Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Parkway Insurance Group, Inc. today to learn more.
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WAIVER
The surrender of a right or privilege. In life insurance, a provision that sets certain conditions, such as disablement, which allow coverage to remain in force without payment of premiums.
WAR RISK
Special coverage on cargo in overseas ships against the risk of being confiscated by a government in wartime. It is excluded from standard ocean marine insurance and can be purchased separately. It often excludes cargo awaiting shipment on a wharf or on ships after 15 days of arrival in port.
WATER-DAMAGE INSURANCE COVERAGE
Protection provided in most homeowners insurance policies against sudden and accidental water damage, from burst pipes for example. Does not cover damage from problems resulting from a lack of proper maintenance such as dripping air conditioners. Water damage from floods is covered under separate flood insurance policies issued by the federal government.
WEATHER DERIVATIVE
An insurance or securities product used as a hedge by energy-related businesses and others whose sales tend to fluctuate depending on the weather.
WEATHER INSURANCE
A type of business interruption insurance that compensates for financial losses caused by adverse weather conditions, such as constant rain on the day scheduled for a major outdoor concert.
WHOLE LIFE
Insurance which provides coverage for an individual’s whole life, rather than a specified term. The oldest kind of cash value life insurance that combines protection against premature death with a savings account. Premiums are fixed and guaranteed and remain level throughout the policy’s lifetime.
WORKERS COMPENSATION
Insurance that pays for medical care and physical rehabilitation of injured workers and helps to replace lost wages while they are unable to work. State laws, which vary significantly, govern the amount of benefits paid and other compensation provisions.
WRAP-UP INSURANCE
Broad policy coordinated to cover liability exposures for a large group of businesses that have something in common. Might be used to insure all businesses working on a large construction project, such as an apartment complex.
WRITE
To insure, underwrite, or accept an application for insurance.
DISCLAIMER: The definitions provided in this glossary are intended to offer a general understanding of common insurance terms used within the industry. They may not apply in all states or to every insurance or financial product. This resource is for informational purposes only and does not constitute an insurance contract. Coverage terms, conditions, and exclusions vary—please consult your actual Parkway Insurance Group policy documents for complete details. In the event of any discrepancies between these definitions and your official policy, the policy provisions will take precedence. This content does not replace or fully explain the rights and obligations of policyholders, insurance agents, or insurance carriers. For questions about your specific coverage, please contact Parkway Insurance Group directly or refer to your policy language.
Glossary information has been adapted from trusted industry sources, including III.org (the Insurance Information Institute).