yield on invested assets: Ratio of net investment income to mean invested assets.
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Category: Glossary
written premiums: The entire amount in premiums due in a year for all policies issued by an insurance company.
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workplace modification or accommodation: This disability insurance benefit is designed to provide assistance to an employer when a disabled employee requires modification of the workplace or special adaptive equipment in order to return to work. The employer will usually be reimbursed up to a set amount for the cost of such modifications.
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workers’ compensation: Liability insurance requiring certain employers to pay benefits and furnish medical care to employees for on-the-job injuries, and to pay benefits to dependents of employees killed by occupational accidents.
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windstorm insurance: Windstorm coverage pays for losses to your property that result from a windstorm. The coverage acts like a flood or earthquake policy in that it pays for damage to the dwelling, and, in some cases, for damage to your personal property and for living expenses if your home becomes uninhabitable. If you live in a coastal area, youÆll probably need to purchase separate windstorm coverage on your house. In areas where coverage is scarce, states sometime offer market assistance programs or joint underwriting associations to help homeowners find a carrier.
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whole life insurance: A plan of insurance for life, with premiums payable for a person’s entire life.
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waiver of premium: When an individual becomes eligible for benefits (such as disability or long term care), no further disability premium payments are required as long as benefits are being paid out.
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waiver (exclusion endorsement): An agreement, attached to the policy and accepted by the insured, to eliminate a specified preexisting physical condition or specified hazard.
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waiting period: In order to become eligible for coverage under some group health and disability insurance policies, an individual must satisfy a certain number of continuous days of service as an active, full-time employee. This is known as the waiting period. (In addition, a waiting period can also be the time period between when a disability occurs and when payments from the disability insurance policy begin.)
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variable life insurance: True investment characteristics were introduced with these policies, requiring that they be registered with the U.S. Securities and Exchange Commission. Policy investments are controlled by the policyholder and may be placed in a broad range of equity, bond and money-market instruments. Unlike universal life, premiums and death benefits are fixed in variable life policies.
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