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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.

Warrant

A security issued by a company, allowing you the right to acquire ordinary shares.

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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