W
Wear and Tear
The amount deducted from a claims payment in recognition of the depreciation of the property insured through usage of it over time. Where cover is provided on a “new for old basis” i.e. where the insurer agrees to replace an old item with a similar new one, no such deduction is made.
Waiting period
A period of time set forth in a policy that must pass before some or all coverage does begin, and are common in private health insurance policies.