Glossary: W

Waiver of coverage – a section on the enrollment form which states that an employee was offered insurance coverage but opted to waive this coverage.

Whole Life Insurance – A basic type of permanent life insurance which can provide lifetime protection at a level premium. Premiums must generally be paid for as long as the policy is in force.

Worker’s Compensation Insurance – insurance coverage for work-related illness and injury. All states require employers to carry this insurance.