A rider waiving (excluding) liability for a stated
cause of accident or (especially) sickness.
A provision or rider agreeing to waive (forego)
premium payment during a period of disability.
The giving up or surrender of a right or privilege
that is known to exist. It may be affected by the agent,
adjuster, or insurance company employee or official
orally or in writing.
WAIVER OF CO-INSURANCE
- A property insurance contract clause that states that
co-insurance does not apply unless the amount of loss
exceeds a certain amount
WAIVER OF SUBROGATION
- A condition of an insurance policy which states that
the coverage will not be prejudiced if the insured has
waived any rights of recovery from a responsible party
in writing prior to the loss.
WARRANTY - Statement or stipulation in a
contract, the breach of which nullifies the contract.
WRAP-UP LIABILITY
- One policy covering the liability exposures of all
involved interests of a large construction project, e.g.
the owner, the general contractor, sub-contractors,
suppliers, etc.
