A wage and hour audit is an independent review (typically privileged) that seeks to determine whether, for payroll purposes, the employees of a business are properly classified as either "exempt" (and thus not eligible for overtime pay) or "nonexempt" (and thus eligible for overtime pay).
A waiting period deductible is sometimes used in business interruption and other time element policies, in lieu of a dollar amount deductible. It establishes that the insurer is not responsible for loss suffered during a specified period (such as 72 hours) immediately following a direct damage loss.
A waiver of recourse endorsement is an endorsement to a fiduciary liability insurance policy that prevents an insurer from exercising its subrogation rights against an insured fiduciary.
A waiver of subrogation is an acknowledgment by an insurer that it has no right to subrogate against a liable third party after it has paid a loss on behalf of its insured.