Waiting Period  :: A period of time set forth in a policy which must pass before some or all coverages begin.

 

War Hazard Exclusion :: Eliminates insurance coverage for death that is a direct result of war or other hostile action.

 

Warranty :: In insurance, it is an undertaking by an insured person that something will, or will not, be done, for example, that an alarm system will be maintained and switched on, Breach of warranty allows an insurer to repudiate claim.

 

Wear and Tear :: Popular and legal term for depreciation, wear and tear is the decrease in value of an items due to deterioration through normal use rather than through accident or negligence.

 

Weather Insurance :: A type of business interruption insurance that compensates for financial losses caused by adverse weather conditions, such as constant rain on the day scheduled for a major outdoor concert.

 

Work in progress :: In accounting, the value of goods currently under manufacture or services being supplied, but not completed at the end of the accounting period.