Individual who earns Social Security credits while working for wages or self-employment income. Also referred to as number holder and worker .
Insurance Encyclopedia
Wage earners bankruptcy
See: Chapter 13 bankruptcy .
Wage indexing (Estate)
A cost of living increase available under social security.
Wage loss
In a workers’ compensation case, the difference between the average weekly wages and the injured worker’s actual earnings while he or she is still temporarily partially disabled but is working at modified work or a reduced work schedule.
Wage replacement ratio
In disability insurance, the percentage of the insured’s working wages that a policy will pay, usually 50% to 80% and not 100%.
Wagering policy
A policy effected without insurable interest is a wager, but policy proof of interest policies (PPI) are used in practice. The Life Assurance Act 1774 enacts that all policies shall be null and void if the insured has no interest (see insurable interest) in the event insured against or if made by way of wagering or gambling.
Wages
Wages may be insured under business interruption insurance as an unspecified working expense or left uninsured as a specified working expense. Wages are also a key variable in employers’ liability and other adjustable policies. See and compare PAYROLL COVER; DUAL BASIS PAYROLL.
Wages and Maintenance for Marine Hull
This clause provides that insurance does not pay for wages and maintenance of the Master, Officers and Crew except for (i) General Average (ii) When incurred solely for the necessary removal of the vessel from one port to another for the repair of damages covered by the insurance or for trial trips for such repairs.