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Definitions - W

Waiver of Premium (WP): An optional policy provision that continues the coverage without further premium payments if the insured becomes totally disabled.

War Clause: A provision in a life insurance policy excluding liability of an insurer if a loss is caused by war.

Whole Life Insurance: Permanent insurance which provides, at minimum, a level death benefit upon the insured's death, or a cash endowment upon policy maturity that is equal to the death benefit. In addition, these policies accumulate cash values on a tax-deferred basis. A plan of insurance for the whole of life. It includes straight life on which premiums are payable until death.

Will: The legal statement of a person's wishes concerning the disposal of his or her property after death.

Some whole life policies let you pay premiums for a shorter period such as 20 years, or until age 65. Premiums for these policies are higher since the premium payments are made during a shorter period.