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Waiting Period

A period of time between the beginning of a disability and the date benefits begin. Also known as Elimination Period. The Waiting Period is like a deductible, in that the longer it is, the lower your premium.


1) A rider excluding liability for a stated cause of accident or sickness. Also known as an “impairment” rider. 2) A provision or rider agreeing to waive premium payment during a period of disability. Also known as “Waiver of Premium.” 3) The giving up or surrender of a right or privilege that is known to exist. For example, the underwriter has the right to require applicants to complete all the questions on the application. If the underwriter accepts an incomplete application, they have waived the right to obtain it later. Once a right is waived, it can no longer be asserted. This is known as “Estoppel.”

War Clause

This generally excludes coverage for persons serving in the armed forces during the time of war, whether on the battlefield or not.

Warehousing Agency

An agency that purchases a number of mortgage loans and assembles them into one or more packages of loans for resale to investors. Fannie Mae, Freddie Mac and Ginnie Mae are all warehousing agencies.


1) A statement that is guaranteed to be true in all respects. Statements on insurance applications are, in the absence of fraud, not warranties, but representations (statements true to the best of the applicant’s knowledge). 2) A sworn statement by the insured attesting to the presence of certain safeguards, such as a sprinkler or burglar alarm system. Breach of this type of warranty may void coverage.

Warranty Clause

The part of a deed in which the seller warrants the title conveyed to the buyer.

Warranty Deed

See General Warranty Deed.

What-if Analysis

An affordability analysis that is based on a what-if scenario. A what-if analysis is useful if you do not have complete data or if you want to explore the effect of various changes to your income, liabilities, or available funds or to the qualifying ratios or down payment expenses that are used in the analysis.

What-if Scenario

A change in the amounts that is used as the basis of an affordability analysis. A what-if scenario can include changes to monthly income, debts, or down payment funds or to the qualifying ratios or down payment expenses that are used in the analysis. You can use a what-if scenario to explore different ways to improve your ability to afford a house.

Whole Life

A Life policy that runs for the insured’s whole life — that is, until death or the ultimate age on the mortality table being used (age 100). Premiums for a Whole Life policy may be paid for the whole life or for a limited period (for example, 20-Pay-Life or LP65) during which the higher premium charged pays up the policy. Also known as “permanent” insurance.

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