W
Waiver of subrogation
- An insurer has the right of subrogation; however, it may waive that
right through this method.
Wear and tear
exclusion - A common heading for an "all risks" exclusion
relating to a group of events that do not represent risk at all. Property
will become worn out and torn; it will rust, settle, become rotted,
infested, marred, scratched, etc. It is easy to distinguish however
between the marring that occurs over time (excluded) and marring that
occurs when a concrete block is dropped onto a fine wooden table.
Whole dollar
premium - The practice of many insurers to round premiums to the
nearest dollar, rather than carrying them out to the nearest cent.
An amount of 51 cents or more is usually rounded up to the next dollar,
and any cents amount less than that is dropped.
Workers compensation
insurance - Coverage that conforms to the workers compensation
laws of the states in which it written. See also Employers liability
insurance.
Wrap up
- A liability coverage specialty focused on contracting risks, at-tempting
to manage in a single contract the broad interplay of exposures and
interests among owners, general contractors, and subcontractors.
X
XCU - Short
for explosion, collapse, and underground, this acronym is used to
denote that certain construction projects carry this hazard.
Y
Y2K - An
abbreviation for Year 2000. The Y2K problem resulted from the use
of two-digit year fields in computer software codes and silicon chip
technology. Because of this, the software or chip cannot recognize
"00" as the year 2000 instead of 1900 or doesn’t recognize
it at all.
Z
Zone system
- Developed by the NAIC for the triennial examination of insurers.
Under the system, teams of examiners are formed from the staffs of
several states in each of the geographical zones. The results of their
examinations are then accepted by all states in which an insurer is
licensed, without the necessity of each state having to conduct its
own examinations.
|
