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Waiting Period.
Particularly used in connection with a specified period before
joining a pension scheme or becoming eligible for some other employee
benefit.
Not to be confused with Qualifying Service.
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Waive. To give
up a right to something.
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Waiver of Premium.
A policy option which provides for the insurance company to waive
payment of the policy premium in certain circumstances e.g. sickness
or disability.
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Warrants. Certificates
giving the holder the option to buy shares at a fixed price at
a future date.
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Wealth Warning.
General phrase relating to the mandatory requirement to warn clients
of the inherent risk in certain courses of action e.g. ‘the value
of investments can fall as well as rise’, or, ‘failure to maintain
mortgages payments could result in the loss of your home’.
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Whole of Life.
Essentially a protection policy with investment content that remains
in force until death, at which point it pays out. As the contract
is capable of acquiring value, it is possible to surrender the
policy.
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Will. A document
drawn up by a testator appointing executors to administer the
estate on death and laying out how the estate is to be dealt with
after death.
A testament is a statement relating solely to personal effects,
not land.
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Winding Up. The
termination of a pension scheme, where assets are used to purchase
the accrued liabilities of the pension scheme, either by purchasing
immediate and deferred annuities, or transfer to another pension
scheme.
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With Profits. A
class of policy which participates in the distribution of surplus
in the form of bonuses. Such policies are termed ‘with profits’.
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Withholding Tax.
Tax deducted by many countries from income payments such as dividends,
interest and royalties. May be offset, reduced or negated by Double
Taxation Relief.
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Working Capital.
The difference between current assets and current liabilities,
being available to run the day to day activities of a business.
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Writ. Court order
instructing someone either to do, or not to do, something.
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