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Glossary of Terms - W

Waiver of Premium

A clause or rider on a life insurance, disability, or long-term care insurance policy that cancels the premium payments the insured must make if he or she is disabled longer than a certain time period (usually six months) and as long as he or she continues to be disabled. The policy remains in force even though the insured is no longer paying the premiums.

Will

A document that, when signed and witnessed, gives legal effect to the wishes of an individual, called a testator, to provide for the disposal of property upon death.

Withholding Allowances

Deductions from salary payments and other compensation to provide for an individual's tax liability. Federal income taxes and Social Security contributions are withheld from paychecks and are deposited in a Treasury tax and loan account with a bank. The annual amount of withholding is reported on an income statement, (form W-2), which must be submitted with federal, state and local tax returns. Tax liability not provided for by withholding must generally be paid as estimated payments.

Whole Life Insurance

A life insurance policy that remains in full force and effect for the entire life of the insured, provided that premiums are paid.

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