Waiver of Premium (WP)
An optional policy provision that continues the coverage without further premium payments if the insured becomes totally disabled.

War Clause
A provision in a life insurance policy excluding liability of an insurer if a loss is caused by war.

Whole Life Insurance
Permanent insurance which provides, at minimum, a level death benefit upon the insured's death, or a cash endowment upon policy maturity that is equal to the death benefit. In addition, these policies accumulate cash values on a tax-deferred basis. A plan of insurance for the whole of life. It includes straight life on which premiums are payable until death.

Will
The legal statement of a person's wishes concerning the disposal of his or her property after death.