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Insurance Terms  -  A B C D E F G H I J K L M N O P R S T U V W Home / Insurance Dictionary



The surrender of a right or privilege. In life insurance, a provision that sets certain conditions, such as disablement, which allow coverage to remain in force without payment of premiums.


War Risk:

Special coverage on cargo in overseas ships against the risk of being confiscated by a government in wartime. It is excluded from standard ocean marine insurance and can be purchased separately. It often excludes cargo awaiting shipment on a wharf or on ships after 15 days of arrival in port.


Water-Damage Insurance Coverage:

Protection provided in most homeowners insurance policies against sudden and accidental water damage, from burst pipes for example. Does not cover damage from problems resulting from a lack of proper maintenance such as dripping air conditioners. Water damage from floods is covered under separate flood insurance policies issued by the federal government.


Weather Derivative:

An insurance or securities product used as a hedge by energy-related businesses and others whose sales tend to fluctuate depending on the weather.


Weather Insurance:

A type of business interruption insurance that compensates for financial losses caused by adverse weather conditions, such as constant rain on the day scheduled for a major outdoor concert.


Workers’ Compensation:

A system (established under state laws) under which employers provide insurance for benefit payments to employees for their work-related injury, death and disease regardless of fault. Not to be mistaken as health insurance.


Wrap-Up Insurance:

Broad policy coordinated to cover liability exposures for a large group of businesses that have something in common. Might be used to insure all businesses working on a large construction project, such as an apartment complex.



To insure, underwrite or accept an application for insurance.


Written Premiums:

See Premiums Written.



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