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Waiver of Premium (WP)
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An optional policy provision that continues the coverage without further premium payments if the insured becomes totally disabled.
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War Clause
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A provision in a life insurance policy excluding liability of an insurer if a loss is caused by war.
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Whole Life Insurance
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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 life, with premiums payable for a person's entire life.
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Will
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The legal statement of a person's wishes concerning the disposal of his or her property after death.
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