| Waiver | A legal right is given up. |
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| Waiver | Exemption of certain disability or injury, otherwise covered in the policy, from the coverage through an attached agreement. |
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| Warranty | Statement of fact or promise made by the insured, which is part of insurance contract and which must be true if the insurer is to be liable under the contract. |
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| Whole Life Insurance | Life insurance that remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance also builds a savings element (called the cash value). |
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| Will | An estate planning tool according to ones desires after his death |
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| Will Planning | (i) Codicil: is an instrument made in relation to a will explaining, altering or adding to its dispositions and is deemed to be part of a will.(ii) Executor: legal representative for all purposes of a deceased person (testator) and all the property pf a testator vests in him.(iii) Legatee/Beneficiary is a person who inherits the property under a Will.(iv) Probate is a copy of the Will, certified under the seal of a competent Court.(v) Testator is a person making a Will and executing it.(vi) Legal Declaration: The documents purporting to be a Will or a testament must be legal, i.e. in conformity with the law and must be executed by a person legally competent to make it.(vii) Disposition of Property: The declaration should relate to disposition of the property of the person making the Will.(viii) Death of the Testator: The declaration as regards the disposal of the property must be intended to take effect after his death.(ix) Revocability: The essence of every Will is that it is revocable during the lifetime of the testator |
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