Insurance Glossary.....
The information in this glossary is intended to be general in nature and should not be construed
as specific recommendations, nor as a substitute for the advice of a professional insurance broker who is
familiar with a client's particular exposures or circumstances.
We have endeavored however, to provide information that is as reliable as possible, and request that you contact
our professionals at Wieben Insurance Services for the correct application in your particular situation.
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Waiver of Premium:
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Rider or provision included in most life insurance policies exempting the
insured from paying premiums after he or she has been disabled for a specified period of time,
usually six months.
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Waiver of Subrogation:
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Also known as 'transfer of rights of recovery,' the relinquishment by an insurer
of the right to collect from another party for damages paid on behalf of the insured.
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Whole Life Insurance:
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Life insurance which might be kept in force for a person's whole life and which pays a benefit upon
the person's death, whenever that might be, all Whole Life policies build up cash
values.
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Workers' Compensation:
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Protection which provides benefits to employees for injury or contracted disease
arising out of and in the course of employment. Most states have laws which require such protection
for workers and prescribe the length and amount of such benefits provided.
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