ABC | DEF | GHI | JKL | MNO | PQRS | TUV | WXYZ

W

Waiver of Premium (WP)
An optional policy provision that continues the coverage without further premium payments if the insured becomes totally disabled.

War Clause
A provision in a life insurance policy excluding liability of an insurer if a loss is caused by war.

Whole Life Insurance
Permanent insurance which provides, at minimum, a level death benefit upon the insured's death, or a cash endowment upon policy maturity that is equal to the death benefit. In addition, these policies accumulate cash values on a tax-deferred basis. A plan of insurance for the whole of life. It includes straight life on which premiums are payable until death.

Will
The legal statement of a person's wishes concerning the disposal of his or her property after death.

X

There are no terms for the letter X

Y

Yearly Renewable Term (YRT)
A Term Life insurance policy that provides a level death benefit with premiums that increase each year with the insured's age. YRT provides financial protection only in the event of death and has no cash value. Also known as Annual Renewable Term (ART) or One Year Term.

Z

There are no terms for the letter Z

(some definitions taken from the National Association of Insurance Commissioners' Life Insurance Buyers Guide)