See: World Health Organization (WHO) .
Insurance Encyclopedia
Whole account cover
Refers to excess of loss treaty protecting the whole of the reinsured’s written business or the whole of a category, such as the liability account rather than arranging separate protections for public liability, employers’ liability, third party motor, etc. Whole account cover has many layers, is often on a co-insurance basis and may take care of disasters and clashes.
Whole Account Treaty
A reinsurance treaty covering all the insurances written in a section of the ceding insurer’s business. Thus, if an underwriter has reinsured his marine account on a whole account basis the reinsurance would apply to incidental non-marine business written in his marine account.
Whole dollar premium
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.
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.