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waiver of premium

A waiver of premium rider on an insurance policy sets for conditions under which premium payments are not required to be made for a time. The most popular waiver of premium rider is the disability waiver under which the owner of the policy (also called the policyholder) is not required to make premium payments during a period of total disability.

warrant

A warrant is a call option issued by a company on its own stock. The company specifies the exercise price and maturity date. Once issued, the warrant can be traded on exchanges.

whole life insurance

A traditional Whole Life insurance policy provides both a death benefit and a cash value component. The policy is designed to remain in force for a lifetime. Premiums stay level and the death benefit is guaranteed. Over time, the cash value of the policy grows and helps keep the premium level. Although the premiums start out significantly higher than that of a comparable term life policy, over time the level premium eventually is overtaken by the ever-increasing premium of a term policy.

will

The most basic and necessary of estate planning tools, a will is a legal document declaring a person's wishes regarding the disposition of their estate. A will ensures that the right people receive the right assets at the right time. If an individual dies without a will they are said to have died intestate.

wrap account

An account offered by investment dealers whereby investors are charged an annual management fee based on the value of invested assets.

write-off

Any loan not expected to be recovered and is recorded as a loan loss.