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Insurance Glossary

Insurance terms and definitions from AAKOBB Financial Services.


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 AAKOBB Financial Services today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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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Glossary content provided by Insurance Information Institute and ITC


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Any information provided on this website has been prepared from sources believed to be reliable, but is not guaranteed by AAKOBB Financial Services and is not a complete summary or statement of all available data necessary for making any investment and/or financial decision. Any information provided is for informational purposes only and does not constitute a recommendation. AAKOBB Financial Services and its employees do not own options, rights or warrants to purchase any of the securites and other financial products mentioned on this website. Any review, re-transmission, dissemination or other use of – or taking of any action in reliance upon – the information provided on this website by persons visiting this website is done solely at such persons' own risk, and AAKOBB Financial Services and its employees may not be held liable in any manner for such use of or reliance upon the information herein provided.  

Disclaimer under IRS Circular 230:  Unless expressly stated otherwise, any U.S. federal tax advice included on this website is not intended or written to be used, and may not be relied upon or used (1) by any taxpayer for the purpose of avoiding penalties that may be imposed on any taxpayer under the Internal Revenue Code, and/or (2) by any person to support the promotion or marketing of, or to recommend any Federal tax transaction or matter addressed herein.

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