or 305.330.4392  


Home Page

 

 

a drawing of a face Auto Insurance Home Insurance Life Insurance Commercial Insurance

Home > Glossary > W
  • Main Menu
    • Home Page
    • Secure File Area
    • File a Claim
    • Make a Payment
    • Refer a Friend
    • Join Our Newsletter
    • Important Files
    • Insurance Glossary
    • Frequently Asked Questions
    • View our Blog
    • Location Map
    • Employee Directory
    • Contact Us
    • About Us
    • Privacy Policy
  • Content Pages
    • 401k
    • About Us
    • About Us Section
    • Annuities
    • Apartment Owners Insurance
    • Auto and Homeowners Insurance
    • Automobile
    • Aviation
    • Bonds
    • Business & Commercial
    • Church
    • Claim Information
    • Commercial Auto Insurance
    • Commercial Bond Insurance
    • Commercial Property Insurance
    • Commercial Umbrella Insurance
    • Condo Association Insurance
    • Condominium
    • Construction
    • Contractors Insurance
    • Customer Service Forms
    • Cyber Liability Insurance
    • D & O Insurance
    • Daycare
    • Dental
    • Disability Insurance
    • Earthquake
    • Employee Benefits
    • Employment Center
    • Errors & Omissions
    • Farm
    • Final Expense
    • Financial Services
    • Fixed Annuity
    • Flood
    • General Liability Insurance
    • Group Health
    • Header
    • Health
    • Healthcare Reform
    • High Value Home Insurance
    • Home Page
    • Home Page Content
    • Home Page Header Override
    • Homeowners
    • Hotel
    • Insurance
    • JavaScript Footer
    • Jewelry Insurance
    • Life
    • Life & Health Insurance
    • Limousine
    • Liquor Based Business
    • Long-Term Care Insurance
    • Malpractice
    • Medicare
    • Medigap Insurance
    • Meta Tags
    • Mobile Home Insurance
    • Mobile Website Header
    • Motorcycle
    • Nightclub
    • Non Profit Insurance
    • Off-Road Vehicles Insurance
    • Oil & Gas
    • Other
    • Partners Page
    • Personal Lines
    • Personal Umbrella Insurance
    • Pet Insurance
    • Privacy Policy
    • Professional Liability Insurance
    • Quote Forms
    • Real Estate Insurance
    • Recreational Vehicle
    • Referral Form
    • Rental Property Insurance
    • Renters
    • Restaurant
    • Restaurant, Bar, & Tavern Insurance
    • Retirement Plans
    • robots.txt Supplement
    • School
    • Senior Living
    • Special Events Insurance
    • Specialty Automobile
    • SR-22 Insurance
    • Stylesheet Supplement
    • Supplemental
    • Surety Bond
    • Tax
    • Term Life Insurance
    • Testimonials
    • Toy Vehicles
    • Travel
    • Trucking
    • Umbrella
    • Universal Life Insurance
    • Variable Life Insurance
    • Vision
    • Watercraft & Boat
    • Whole Life Insurance
    • Windstorm
    • Workers Compensation
  • Automobile
    • Automobile Insurance Home
    • Request ID Card for Auto Policy
    • Request Declaration and Coverages Page for Auto Policy
    • Add Vehicle to Existing Auto Policy
    • Auto Accident Claim
    • Auto Quote Form (short)
  • Homeowners
    • Homeowners Insurance Home
    • Homeowners Insurance Quote
    • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
  • Renters
    • Renters Insurance Home
    • Renters Insurance Quote
  • Business & Commercial
    • Business & Commercial Insurance Home
    • Request ID Card for Commercial Auto Policy
    • Request Declaration and Coverages Page for Commercial Auto Policy
    • General Liability Quote Form
    • Builders Risk
  • Life
    • Life Insurance Home
    • Life Insurance Quote

Insurance Glossary

Insurance terms and definitions from Family Insurance Agency.


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 Family Insurance Agency 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.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

HomeAbout UsGet A QuoteContact Us
9053 Estate Thomas Suite 107 | St Thomas, USVI 00802 | 340.776.1906 | Fax: 888.467.4612 Powered by Insurance Website Builder