The formal document setting out the terms of an Insurance or a Reinsurance treaty.
Insurance Encyclopedia
Wording As Expiring
Term used in slips to indicate that the general terms and conditions of an expiring treaty will be incorporated on renewal for the following year.
Wording As Underlying
Term used in slips for upper layers of excess of loss treaties to indicate that the general terms and conditions will be as per the lower layers.
Work and Materials Clause
provision in a Fire Insurance Policy that permits the insured to store, process and use material and handle them in the manner customary for his line of business.
Work and materials clause (Property Insurance)
A clause, usually found within property insurance policies, which circumvents the increased hazard clause sometimes found in a standard fire policy.
Work away risk
Describes a public liability risk where the main hazards stem from the work undertaken by the insured on third party premises. Electricians, plumbers, etc., install, repair or carry out maintenance on the premises of others. Visits to the insured’s premises by customers are not a major feature of the risk.
Work conditioning
Program that focuses on the restoration of musculoskeletal, cardiovascular, and safe work demand performance for individuals who have suffered an industrial injury. Circuit training and work simulation are included in the program.
Work force
Under the Health Insurance Portability and Accountability Act (HIPAA), this means employees, volunteers, trainees, and other persons under the direct control of a covered entity, whether or not they are paid by the covered entity.
Work hardening
1. Individualized program of therapy using simulated or real job duties to build up strength and improve the worker’s endurance to be able to work up to 8 hours per day. Sometimes work site modifications are instituted to get the employee back to gainful employment. 2. In a workers’ compensation case, program that uses conditioning tasks with real or simulated work activities that are graded to progressively improve the biomechanical, neuromuscular, cardiovascular, metabolic, and psychosocial functioning of the injured worker to maximize the ability to return to work (e.g, in vocational rehabilitation). It incorporates psychomedical counseling, ergonomics, job coaching, and transitional work development.
Work in progress
1. Property item at risk of loss or damage by fire, etc., usually included in the policy schedule. The sum insured is based on the cost of raw materials plus the cost of labour and other resources used in creating the product up to the time of loss. Completed products insured as stock.