New York Life

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 of Premium
Enables you to stop paying policy premiums for the length of your disability, while continuing to receive life insurance coverage. Please refer to your contract for additional information including the qualifying criteria.

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.")

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

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