GCPA Glossary

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Waiver of premium
A policy provision that exempts insureds from making premium payments until they recover once they've been disabled for a specified number of days.

Whole life insurance
Life insurance under which coverage remains in force during the insured's entire lifetime, provided premiums are paid as specified in the policy.

Withdrawal
To redeem shares of a mutual fund or stock. In a mutual fund, partial or full redemptions may be made over the phone. Some funds may impose an extra redemption fee to discourage market timers from pulling their money immediately after investing. If this is a fund's policy, it will be stated in the prospectus.

Workers' compensation
A system administered at the state level that provides benefits to workers who are hurt or contract an illness on the job.

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