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 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.

The uniformed staff of the Corporation of Lloyd’s, who perform general duties, wear red gowns and are known as ‘waiters’ reminiscent of the coffee house from which Lloyd’s originated.

1. The prescribed amount of time, e.g. 30 days, following the issue of the policy that must pass before the policy will respond to an insured event. Income protection policies eliminate any disability due to sickness that commences during the waiting period. Disability commencing subsequently will be covered under the policy’s normal terms that will generally include a deferred period. 2. The period of employment that must elapse before a new employee can join his company pension scheme or group life scheme.
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A period of time set forth in a policy which must pass before some or all coverages begin.
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Specified period of time which must elapse after inception of Policy before benefits provided by certain Insurance policies become payable.
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The duration of time between the beginning of an insured person’s disability and the start of the policy’s benefits. Also called elimination period.