A premium rounded to the nearest dollar, giving the insured a round number to pay each month.
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The practice of many insurers to round premiums to the nearest dollar, rather than carrying them out to the nearest cent. An amount of 51 cents or more is usually rounded up to the next dollar, and any cents amount less than that is dropped.
Insurance Encyclopedia
Whole life annuity
See: annuity .
Whole life insurance
Type of life insurance policy that continues during the whole of the insured’s life and provides for the payment of amount insured at death or at a specific age. Premiums may be paid for a specific number of years (limited payment life) or for life (straight life). See also continuous-premium whole life insurance . Also called ordinary life insurance, straight life insurance , or continuous-premium whole life insurance .
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LIFE: Life insurance that remains valid throughout the length of a person’s life, however long that may be. This type of policy accumulates a nonforfeiture value, which can be paid in different ways, depending on the type of policy.
Whole of life assurance
assurance under which benefit is payable on death whenever it occurs; may be with- or without-profits.
Whole policy rule
Rule of construction meaning that the whole of the policy must be looked at and not merely a particular clause. Where a proposal is expressly incorporated in a policy by the terms of the policy, the two should be read together.
Whole turnover insurance
A credit insurance whereby the insured insures the whole of his sales ledger rather than insure selectively on the basis of named accounts.
Wholesale agent
An insurance agent who deals with retail agents and not directly with individual insureds. The wholesale agent serves as an intermediary between the retail agent and the insurer.
Wholesale broker
A broker who places risks with Lloyd’s or with insurance companies on behalf of other brokers, i.e. subbrokers who are customer-facing and therefore, unlike the wholesaler, subject to ICOB rules. Wholesale brokers normally attract business as they are able to secure better policy terms and conditions than the sub-brokers. Wholesale brokers who are Lloyds-accredited provide a route to the Lloyd’s market for other brokers and may operate under binding authorities.
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A type of insurance broker who acts as an intermediary between a retail broker and an insurer, while having no contact with the insured. Wholesale agents place business brought to them by retail agents. Unlike a retail broker, wholesale brokers have direct contact with the insurer, whereas the retail agent who produced the business does not. The same broker can function as a retailer or wholesaler, depending on the specific situation. Wholesale brokers often possess specialized expertise in a particular line of coverage or in a line of coverage that is unusual and/or have greater access to or influence with certain insurance markets, which is especially valuable when dealing with a difficult-to-place risk. There are two types of wholesale brokers managing general agents and surplus lines brokers. The latter work with the retail agent and the insurer to obtain coverage for the insured but unlike a managing general agent, a surplus lines broker does not have binding authority from the insurer.
Wholesale life insurance
Type of term life insurance for a small group employed by the same company. Each employee applies for, is given a special rate, and owns his or her own policy. Also called franchise, blanket , or employee life plan or wholesale plan .
Wholesaling
System of marketing in which an insurance company allows a product to be sold by a third party, which adds its own commission and fees and resells the product to its clients.