W

Waiver. The intentional or voluntary relinquishment, abandonment or surrender of a claim, right or privilege. An exception to the usual requirements of Medicaid granted to a state by HCFA. See Section 1115 Medicaid Waiver and Section 1915(b) Medicaid Waiver.

Waiver of Premium Provision. A provision in a life insurance policy stating that, upon the total disability of the insured, the payment of premiums shall be waived.

Whole Life Insurance. Permanent life insurance offering guaranteed death benefits and guaranteed cash values.

Willful Misconduct. An intentional action with knowledge of its potential to cause serious injury or with reckless disregard for the consequences of such act.

Wind-up Annuity. An annuity sold by an insurer to satisfy liabilities under terminated pension plans.

Wishful Thinking. The Dingell Committee's latest report and a 1994 sequel to Failed Promises (1990). The report describes the inadequacies of state insurance regulation in either anticipating illegal or inappropriate insurance company behavior or stopping it before it occurs. The report also claims that state regulators and the NAIC lack the authority to regulate the insurance marketplace effectively. See Dingell.

Workers' Compensation Insurance. A statutory no-fault form of insurance purchased by employers to provide benefits to employees for injuries sustained during employment.

Working Layer. A layer of an excess-of-loss reinsurance treaty just above the cedant's retention layer, in which frequent losses are expected.

"Write Your Own" Flood Insurance. See National Flood Insurance Program.

Writing. See Underwriting.

Written Premiums. See Premium.