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Glossary


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).

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Wage and hour claims are assertions by an employee-plaintiff that their employer has failed to pay overtime wages owed to the employee.

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Wage and hour indemnity coverage refers to a type of insurance that covers indemnity costs (i.e., settlements and judgments) resulting from wage and hour claims.

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A wage and hour insurance coverage endorsement is a coverage endorsement that may be attached to employment practices liability insurance policy forms.

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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.

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Waiver is the intentional or voluntary surrender of a right, claim, or privilege.

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A waiver of inventory is a fire insurance policy provision that states that inventory will not be required in the event of a small loss.

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Waiver of premium is the known relinquishment by an insurer of the right to collect premium from an insured.

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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.

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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.

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