Insurance Glossary
Insurance terms and definitions from W. M. Jones & Company.
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 W. M. Jones & Company today to learn more.
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.
NOTICE: These glossary definitions provide a brief description of the terms
and phrases used within the insurance industry. These definitions are not applicable
in all states or for all insurance and financial products. This is not an insurance
contract. Other terms, conditions and exclusions apply. Please read your official
policy for full details about coverages. These definitions do not alter or modify
the terms of any insurance contract. If there is any conflict between these definitions
and the provisions of the applicable insurance policy, the terms of the policy control.
Additionally, this informational resource is not intended to fully set out your rights
and obligations or the rights and obligations of the insurance company, agent or agency.
If you have questions about your insurance, you should contact
your insurance agent, the insurance company, or the language of the insurance policy.
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*****Important FEMA Information********
Homeowners.... You must go through your insurance company first.....FEMA comes in behind your insurance for further possible assistance...
You must register 1-800-621-3362 If you lost income because you can't go to work... Call FEMA 1-800-621-3362 and register for disaster unemployment If your vehicle flooded out in the storm....
You'll need to have liability coverage on your vehicle at the time of the disaster, your title and registration for FEMA (1800-621-3362) to pay.
If you have full coverage you must file with your insurance company first.
If you're under mandatory evacuation... Call FEMA and register... You will get up to 2 months of rental assistance at the fair market value of your area.
If you have bills you are behind in or if you have some coming due you can call them EVERY COMPANY is pushing back due dates & some are even credited full months of service if you're in Houston or surrounding areas.
Call your light companies, phone companies, cable companies, etc and ask them for extensions to give yourself time to come back from this disaster!! |