Term Life Insurance Glossary
W
Waiting Period
(1) In medical expense insurance, a prescribed amount of time following policy issue during which the insured’s medical expenses are not covered by the policy. Such waiting periods usually last from 14 to 30 days following policy issue and normally apply only to medical expenses arising from sickness, not from accidents.
(2) In disability income insurance, a specified amount of time, beginning with the onset of the disability, during which benefits are not payable. Such waiting periods may last from seven days to six months. The waiting period in a disability income insurance policy is sometimes called the elimination period or the probationary period.
(3) In a group insurance plan, the length of time that a new group member must wait before being eligible to join the group plan. Also called a probationary period.
Waiver of Premium For Disability (WP) Benefit
A supplementary term life insurance policy benefit under which the insurer waives renewal premiums that become due while the insured is totally disabled.
Waiver of Premium For Payor Benefit
A supplementary term life insurance benefit often included in juvenile policies which provides that the insurer will waive the policy’s renewal premiums if the adult policyowner, not the insured child, dies or becomes disabled.
Whole Life Insurance
Life insurance that remains in force during the insured’s entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance also builds a savings element (called the cash value).
For descriptions of traditional whole life products see continuous-premium whole life insurance, graded-premium whole life insurance, joint whole life insurance policy, and modified premium whole life insurance.
Withdrawal
Voluntary termination of an insurance contract by the policyowner.
See also lapse.
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