Glossary
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
 
Waiver A legal right is given up.
Waiver Exemption of certain disability or injury, otherwise covered in the policy, from the coverage through an attached agreement.
Warranty Statement of fact or promise made by the insured, which is part of insurance contract and which must be true if the insurer is to be liable under the contract.
Whole Life InsuranceLife insurance that remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance also builds a savings element (called the cash value).
WillAn estate planning tool according to ones desires after his death
Will Planning(i) Codicil: is an instrument made in relation to a will explaining, altering or adding to its dispositions and is deemed to be part of a will.(ii) Executor: legal representative for all purposes of a deceased person (testator) and all the property pf a testator vests in him.(iii) Legatee/Beneficiary is a person who inherits the property under a Will.(iv) Probate is a copy of the Will, certified under the seal of a competent Court.(v) Testator is a person making a Will and executing it.(vi) Legal Declaration: The documents purporting to be a Will or a testament must be legal, i.e. in conformity with the law and must be executed by a person legally competent to make it.(vii) Disposition of Property: The declaration should relate to disposition of the property of the person making the Will.(viii) Death of the Testator: The declaration as regards the disposal of the property must be intended to take effect after his death.(ix) Revocability: The essence of every Will is that it is revocable during the lifetime of the testator