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WAIVER

1.) An agreement in writing not to enforce a right or privilege. 2.) An agreement in writing by the company to change a particular provision or condition in the policy. (See Non-Waiver Agreement.)

WAIVER OF (RESTORATION) PREMIUM

An agreement contained in many insurance policies which provides that the company will restore the original amount of the policy after a loss without additional charge.

WAR RISK EXCLUSION CLAUSE

This clause serves to exclude damages or loss to property as the result of any act of war, with the exception of resulting fire.

WARRANTY

1.) A statement made by the insured on the basis of which the company agrees to write a poicy at a given premium, such statement appearing on the policy. In order for the company to be able to void the policy, however, the warranty must contain material misstatements, such that the company would have declined or uprated the risk had the true facts been known. 2.) A condition of the policy with which the insured must strictly comply.

WEDDING PRESENTS FLOATER

An inland marine all-risk form de-signed to cover wedding presents in transit or at any location before the wedding and (usually) for a period of not more than 90 days after the wedding. No scheduling (detailed description of the items) is required. Exclusions are real estate, animals, travel conveyances of any description, money, deeds and similar documents, tickets and passports. Also excluded: wear and tear, deterioration, breakage of china and similar fragile articles (which may be covered for an additional premium), mechanical or electrical breakdown and other hazards usual to inland marine policies.

WET MARINE

See Ocean Marine.

WHOLE DOLLAR (PREMIUM) RULE

Rule stating that the premium for each exposure (coverage) shall be rounded to the nearest whole dollar (50 cents or more, use next higher whole dollar). Applies also to interim premium adjustments, endorsements and cancellations. Each "exposure" means each coverage for which a separate premium is charged.WINDSTORM

For insurance purposes, "Wind Damage" by itself is not covered. "Windstorm," defined as general atmospheric turbulence covering a relatively wide area, usually is indicated when resulting in a number of claims for damage to property. When isolated claims are made, there is no hard or fast rule. Usually a check with the nearest weather facility indicating gusts or winds to 40 MPH and over would justify payment of a claim. Gale, hurricane, cyclone, tornado and typhoon are all considered "windstorms" in insurance. (See ExtendedCoverage.)

WITHOUT PREJUDICE

An action designated as being taken "without prejudice" indicates that it is not to be construed as an admission of liability on the part of any party. Usually used in connection with claims or losses. (See Non-WaiverAgreement.),/p.

WORD PROCESSING

A computerized system for the production of documents and other written communication. Information is entered by way of typewriter keyboard into a (see) Central Processing Unit where it can be edited and otherwise manipulated by viewing on a screen. (See Cathode Ray Tube.) When and as needed, it may be recalled from the storage unit and produced on paper in whatever form desired (letters, contracts, manuscripts, etc.) by a high speed printer. The system greatly reduces the use of paper, as the contents and form of the information may be viewed and changed in any way before it is produced by the printer. If necessary, proofs may be produced by the printer and returned for changes (insertions, deletions, corrections, format, etc.) which may be made directly on the CAT for final production by the printer.

WORKER’S COMPENSATION INSURANCE

Worker’s Compensation laws require the payment of certain benefits to injured employees or to the dependents of employees who are killed in the course of their employment, regardless of negligence. In return for this protection, the employee does not have the right to sue his employer at common law for injuries covered. Worker’s Compensation Insurance conforms to Worker’s Compensation laws of a given state, and the insurance company must comply with any requirements and pay any sums required by these laws. (See also discussion under Employer’s Liability.)

WRITTEN PREMIUM

The total amount of premiums in dollars written by a company in a given specified period of time (as opposed to, for example, Earned Premiums.)