Glossary of Insurance Terms

Printed with permission from the Insurance Institute of Canada.

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Waiting Period
The time which must elapse before an indemnity is paid.

Waiver
The intentional relinquishment of a known right. A waiver under a policy is required to be clearly expressed and in writing.

Warranty
Statement or stipulation in a contract, the breach of which nullifies the contract.

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Warranty (Implied)
A warranty assumed to be a part of the insurance contract even though not expressly included.

Water Damage Clause
A Portion of the policy affording coverage for certain specific causes of water damage.

Windstorm Insurance
Protection against damage done to property by unusually high winds, cyclones, tornadoes or hurricanes. This coverage is available under the extended coverage endorsement of property policy.

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Without Prejudice
An action taken during claims negotiations designated as "without prejudice" is intended to be without detriment to the existing rights of the parties.

Writ
A Court document commanding the defendant to enter an Appearance within a specified number of days if he wishes to dispute the claimant's claim.

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