Insurance and risk management terminology · MLC-0106

Insurance and risk management terms: W (85)

• Wage and hour auditA systematic review of an employer's payroll practices, timekeeping records, and compensation policies to...
• Wage and hour claimsLegal actions brought by employees against employers alleging violations of federal or state laws governing...
• Wage and hour indemnity coverageA specific type of insurance, available as an endorsement to an Employment Practices Liability Insurance...
• Wage and hour insurance coverage endorsementAn addition to an Employment Practices Liability (EPL) insurance policy that extends coverage to include...
• Waiting periodThe time between the date of application and the policy effective date.
• Waiting period deductibleA provision in some disability or workers' compensation policies that specifies a period of time an injured...
• WaiverThe voluntary relinquishment of a known right, claim, or privilege. In insurance, a waiver can occur when an...
• Waiver of inventoryA property insurance provision excusing the insured from the inventory normally required after a claim when...
• Waiver of premiumA rider or provision in a life insurance or disability income policy that exempts the policyholder from...
• Waiver of recourse endorsementAn endorsement to a fiduciary liability or management liability policy in which the insurer gives up its...
• Waiver of subrogationAn agreement between two parties where one party gives up its right to seek recovery from the other party for...
• Walled and roofed1. A building that has 2 or more exterior rigid walls and a fully secured roof and that is affixed to a...
• War exclusionA standard provision in many insurance policies that excludes coverage for losses or damages directly or...
• War risk clauseA provision in an insurance policy, particularly marine or aviation insurance, that specifically addresses...
• War risk insuranceInsurance that covers losses to property, cargo, or vessels resulting from acts of war, such as invasion...
• Warehouse operators legal liability insuranceInsurance that protects a warehouse operator against legal liability for loss or damage to goods stored in...
• Warehouse to warehouse clauseA common provision in marine cargo insurance policies that extends coverage for goods from the time they...
• WarehousingThe practice of storing goods or commodities in a designated facility, such as a warehouse, for a period of...
• WARN Act exclusionA provision in an Employment Practices Liability (EPL) insurance policy that specifically denies coverage for...
• WarrantA promise by the insured, written into the policy or its application, that a stated fact is true or a stated...
• WarrantyA statement or promise made by the insured in an insurance contract, the truth of which is a condition...
• Warsaw ConventionAn international treaty signed in 1929 that governs the liability of air carriers for damages sustained by...
• Waste load allocationThe portion of a receiving water's total maximum daily load (TMDL) that is assigned to a specific point...
• Water quality standardsRegulations established by states or tribes, with federal oversight, that define the desired condition of a...
• Water quality-based limitationsRestrictions on pollutant discharges from point sources that are necessary to achieve and maintain water...
• Water quality-based permitA regulatory authorization issued to facilities that discharge pollutants into water bodies, establishing...
• Water systemsSee Utilities.
• Waterborne equipment exclusionA provision in an insurance policy that removes coverage for damage to or caused by equipment while it is...
• WatercourseA watercourse means only the channel and banks of an identifiable watercourse, and not the adjoining...
• Wave height adjustmentA measurement that is added to the Base Flood Elevation (BFE) for V Zones shown on the Flood Insurance Rate...
• Weapon of mass destruction WMDAn instrument or device designed to cause widespread death, serious injury, or property damage through...
• Weather risk transfer (WRT)A financial transaction designed to mitigate the adverse financial impact of unfavorable weather conditions...
• Web hostingA service that provides the infrastructure and connectivity for websites to be accessible on the internet. In...
• Website accessibility discriminationDiscrimination against individuals with disabilities who are unable to access or use an employer's website...
• Wedding insuranceA specialized insurance policy that protects against financial losses resulting from unforeseen circumstances...
• Weighted average cost of capital (WACC)The average rate of return a company expects to pay to all its security holders, including debt and equity...
• Welfare and pension plan bond coverageA fidelity bond required by ERISA section 412 for every person who handles funds or other property of an...
• Wellness programAn employer-sponsored program, often offered through a group health plan, that encourages healthy behavior...
• Wet floodproofingWet Floodproofing includes permanent or contingent measures applied to a structure or its contents that...
• Wet methodsTechniques that use water or other liquid agents to suppress airborne dust and other hazardous particulates...
• Wharfinger legal liability coverageInsurance protection for operators of wharves, docks, or piers against their legal liability for damage to...
• Whistleblower claimA legal action brought by an employee or former employee who reports illegal, unethical, or improper conduct...
• Whistleblower provisionA legal or policy clause that protects individuals who report illegal, unethical, or improper activities...
• Whistleblower statutesLaws that protect employees from retaliation by their employers for reporting illegal or unethical activities...
• White hat hackersEthical security professionals who use their hacking skills to identify vulnerabilities in computer systems...
• Whole life insuranceA type of permanent life insurance that provides coverage for the entire lifetime of the insured, as long as...
• Wholesale agentAn insurance professional who acts as an intermediary between an insurance carrier and a retail agent or...
• Wholesale brokerAn insurance broker who works with retail insurance agents to place coverage for clients, particularly for...
• Wholesale health insuranceA health coverage arrangement, also called franchise insurance, in which individual policies with uniform...
• Wind or hail deductibleA specific deductible applied to property insurance claims resulting from damage caused by windstorms or...
• Window planA temporary offer by an employer to a specific group of employees, allowing them to voluntarily terminate...
• With average 3 percent (WA3%)A marine cargo insurance clause under which partial loss from an insured peril is recoverable only when it...
• With average (WA)A marine cargo insurance clause indicating that the policy covers partial losses (particular average) as well...
• With particular averageA marine cargo insurance clause, also written as with average (WA), under which the insurer pays partial loss...
• With prejudiceA legal ruling that permanently bars a plaintiff from filing another lawsuit on the same claim or cause of...
• Without prejudiceA legal designation indicating that a court action or a party's communication in a dispute does not affect...
• Work hardeningA highly structured, goal-oriented rehabilitation program designed to restore an injured worker's physical...
• Work you performedAn exclusion in the ISO garage liability coverage form that removes coverage for property damage to the...
• Worker Adjustment and Retraining Notification Act (WARN)A federal labor law that requires certain employers to provide advance notice of plant closings and mass...
• Workers compensation and employers liability policyA standard insurance policy that combines two distinct coverages for employers. The workers' compensation...
• Workers compensation catastrophe coverA specialized form of excess insurance designed to protect employers from extremely large losses arising from...
• Workers' Compensation Claim Law Associate (WCLA)A professional designation awarded to individuals who demonstrate foundational knowledge in workers'...
• Workers' Compensation Claim Law Specialist (WCLS)A professional designation indicating advanced expertise in workers' compensation claim law and management...
• Workers compensation (WC)A state-mandated, no-fault insurance system that provides medical, wage-replacement, and rehabilitation...
• Working layerThe lowest layer of an excess or reinsurance program, sitting just above the retention, in which losses are...
• Workmanship exclusionA common provision in liability insurance policies that denies coverage for damage to the insured's own work...
• Workplace harassmentUnwelcome conduct based on race, color, religion, sex, national origin, age, disability, or genetic...
• Workplace tortA civil wrong committed in the employment context that causes harm to an employee, for which the injured...
• Workplace violence insuranceA specialized type of insurance coverage designed to protect businesses from the financial consequences of...
• Wrap-around policyA supplemental policy written around an existing policy to cover what that policy leaves out. A difference in...
• Wrap-around risk financing programA risk financing program that combines two or more risk financing approaches, such as insurance, retention, a...
• Wrap-up exclusion endorsementAn endorsement added to a general liability policy that removes coverage for an insured's involvement in a...
• WritA formal written order issued by a court or other legal authority that directs a person or entity to perform...
• WriteTo underwrite and issue an insurance policy, thereby accepting the risk of a potential loss in exchange for a...
• Write Your Own (WYO) ProgramA cooperative undertaking of the insurance industry and FEMA begun in October 1983. The Write Your Own ( WYO)...
• Write-Your-Own Program (WYO)A cooperative program between the Federal Emergency Management Agency (FEMA) and private insurance companies...
• Written premiumThe total premium an insurer records for policies written or renewed during a period, taken at the full...
• Wrongful actAn actual or alleged error, misstatement, misleading statement, act, omission, neglect, or breach of duty...
• Wrongful death claimA legal action brought by the survivors of a deceased person against a party whose negligence or intentional...
• Wrongful deprivation of a career opportunityAn employer's unlawful action that prevents an employee from advancing in their career, such as being denied...
• Wrongful disciplineThe imposition of disciplinary action against an employee in violation of employment contracts, company...
• Wrongful failure to employAn employer's unlawful refusal to hire an applicant based on discriminatory factors such as race, gender...
• Wrongful failure to grant tenure or partnershipA claim alleging that an employer improperly denied an employee tenure or partnership status, often based on...
• Wrongful failure to promoteAn employer's unlawful refusal to advance an employee to a higher position, often due to discriminatory...
• Wrongful terminationThe dismissal of an employee in violation of an employment contract, public policy, or anti-discrimination...

85 of 3,682 terms in Insurance and risk management terminology (MLC-0106). Request the full dataset.