Glossary

The wholesale agent serves as an intermediary between the retail agent and the insurer.

A wholesale broker is a type of insurance broker who acts as an intermediary between a retail broker and an insurer but has no contact with the insured. Wholesale agents place business brought to them by retail agents.

Wholesale health insurance, also called "franchise insurance," is essentially individual health insurance provided to groups of people in the same occupation or profession or to groups too small to qualify for true group insurance—for example, fewer than 10 employees.

Whole life insurance refers to permanent life insurance that provides for the payment of the face value upon death of the insured, regardless of when it may occur.

A window plan is an early retirement plan in which an employer promises enriched pension benefits or credits workers for additional years of service if they retire early.

A wind or hail deductible is a separate, higher deductible provision that applies to loss caused by wind or hail.

Without prejudice is an offer or a dismissal that is meant as a declaration that no rights of the party concerned are to be considered waived or lost.

With average is an ocean marine policy provision that covers partial loss of below deck cargo on the same basis as a total loss—that is, for loss by the same perils and regardless of what percentage of the total insured value is damaged or lost.

With average 3 percent is an ocean marine policy provision that eliminates coverage for partial loss of below deck cargo amounting to less than 3 percent of insured value.

In ocean marine insurance, with particular average is an insurance policy that covers a partial loss sustained by a specified cargo or vessel.