waiver of premium provision A provision in a life insurance policy wherein the coverage continues without further premium payments (premiums coming due are waived) if the insured becomes disabled as defined in the policy.
warranty A statement made by the applicant which becomes a condition of issuance of the contract. Strictly speaking, a false warranty voids the policy even if it is not material. In practice, U.S. courts are inclined to be lenient towards a policyholder who has made a false warranty which does not materially affect the risk, but British courts still insist upon the truth of warranties.
whole life A traditional type of life policy (not universal or variable) which provides coverage for the “whole life” of the insured, rather than for a specific term period. The proceeds are paid at the insured’s death or at the age specified in the policy, usually age 100 or more, when the insured survives that long.
workers’ compensation The benefits (weekly payments for medical and hospital bills) which an employer is bound by law to provide for his/her employees who are injured on the job, regardless of fault. Every state in the U.S.A. now has a workers’ compensation law. These laws vary in detail, but the general intent is the same, namely to make sure that an employee, who is disabled through his/her work, shall not become a public charge.