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Waiver
An agreement attached to the policy and accepted by the insured, to eliminate
a specified pre-existing physical condition or specified hazard.
Waiver
Of Premium
A provision that sets certain conditions under which an insurance policy
will be kept in full force by the company without the payment of premiums.
Whole
of Life Insurance
A life insurance policy providing payment on death, whenever this occurs.
Premiums may be payable throughout life, or for a shorter period.
Will
A legal document specifying how an individual's property is to be dealt
with on his or her death and appointing Executors to carry out these instructions.
With
Profits (Of life insurance policies)
Entitled to a share of the insurance company's profit. Each year a bonus
is added to the guaranteed sum insured to reflect the company's profit.
Usual practice is to 'smooth' such bonuses so that a comparatively unsuccessful
year will not necessarily lead to a lower bonus but a succession of poor
years will be reflected by a gradual reduction of bonus rate (and conversely
for a series of successful years).
Without
Profits (Of life insurance policies)
Not entitled to any bonus. The sum payable will only ever be the amount
guaranteed in the policy however profitable the insurance company may
be.
With
profits endowment
A fixed term investment with life cover. The guaranteed sum insured is
increased by bonuses, representing a share of the profits of the life
fund.
Written
Premiums
The total premiums on all policies written by an insurer during a specified
period of time.
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