This glossary is courtesy of the "Field Guide for Property & Casualty Agents and Practitioners"
published annually by The National Underwriter Company.

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

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.