Glossary

Waiver of Premium
An optional life insurance policy provision that exempts the insured from the payment of premiums if he or she becomes disabled.

Warranty
In insurance, a statement or information that is literally true (compared to a representation, which is generally considered to be information that is substantially true). A breach of warranty can void a policy.

Whole Life Insurance
Permanent life insurance offering protection for the whole of life, with proceeds payable at death (or maturity of the policy) provided premiums are paid. Whole life offers a fixed, level premium and guaranteed cash value accumulation.

Will
A document containing an individual's wishes concerning the disposal of his or her property (estate) at death.

Withholding
Amounts automatically set aside by a fund's custodian and sent to the IRS. You must provide a certified taxpayer ID number to avoid withholding on your mutual funds investments. (Also called "back-up withholding.")

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