Worksite marketing is about approaching a group of clients (could be employees of a particular company or members of a particular group such as a club or an association) for selling of insurance policies, by addressing them in a group or making a presentation to them. This is an innovating channel to distribute insurance products though is still evolving in India. The premium payment could be done by the employer by way of collecting/sharing a portion with employees. The business sources by this channel is individual business and not group insurance. While in group insurance, there is one master policy given to the employer for all the employees, the policies issued in worksite marketing arrangement are individual ones. Worksite marketing is about offering need based solutions to each client. As the various members of a group could be interacted with and addressed in on ego itself the time taken in closing the sale is relative shorter.
Insurance Encyclopedia
World Health Organization (WHO)
United Nations specialized agency for health that was established in April 1948. WHO’s objective, as set out in its Constitution, is the attainment by all peoples of the highest possible level of health. Health is defined in WHO’s Constitution as a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity. WHO is governed by 192 Member States through the World Health Assembly. The Health Assembly is composed of representatives from WHO’s member states. The main tasks of the World Health Assembly are to approve the WHO program and the budget for the following biennium and to decide major policy questions. WHO maintains the International Classification of Diseases (ICD) medical code set.
World-wide Intellectual Resources Exchange Ltd (WIRE)
A leading provider of Internet-based markets for international insurance, reinsurance and alternative risk transfer (ART). In 1999, WIRE launched Artemis, a portal site, acting as a repository for news and information for the ART market of which weather trading is a key part.
Worldwide Coverage
A clause in some policies that provide coverage in any place in the world. Personal accident, jewellery etc, policies may have these clauses.
Worry Method
In risk financing techniques a variation of the expected tangible loss method that Directs the risk manager to select the tool that would minimize the average tangible rupee outlay in the long run plus the value that the risk manager assigns to any worry caused by the short-run uncertainty, if any, that remains. Also See Also: “Loss, expected tangible.”
Wrap up
A liability coverage specialty focused on contracting risks, attempting to manage in a single contract the broad interplay of exposures and interests among owners, general contractors, and subcontractors.
Wrap-around plan
Supplemental health benefit plan that pays for medical costs such as copayments and deductibles not covered by a primary benefit plan such as Medicare or TRICARE. Also called Medigap (MG) policy, gap fill, Medifill , and Medicare supplement policy .
Wrap-around services
In the Medicaid program, medical services not usually covered by managed care plans but covered either by referral or direct access to fee-for-service providers.
Wrap-up (Liability Insurance)
A plan that covers all liability risks, which is usually only written for a large amount. For example, a wrap-up policy could be written to cover all of the independent contractors working on a single job.
Wrap-up cover
An owner-controlled insurance programme covering all liability interests in a large construction project. The cover is arranged by the owner (the principal) whose interest is protected as well as those of contractors, sub-contractors, suppliers, architects, etc. The intention is to reduce overall insurance costs. See PRINCIPAL’S COVER.