Waiver of Premium
This is a policy option available within certain insurance, assurance and pension policies in which the institution offering the policy undertakes to continue making regular premium payments to the contract on the individual's behalf in the event of a pre-defined situation, such as sickness or disability.

Warrant
A security entitling the holder to buy a proportionate amount of stock at some specified future date at a specified price, usually one higher than current market price. Warrants are traded as securities whose price reflects the value of the underlying stock. Corporations often bundle warrants with another class of security to enhance the marketability of the other class. Warrants are like call options, but with much longer time spans-sometimes years. And, warrants are offered by corporations, while exchange-traded call options are not issued by firms.

Warranty
A guarantee by a seller to a buyer that if a product requires repair or remedy of a problem within a certain period after its purchase, the seller will repair the problem at no cost to the buyer.

Whole life insurance
As its name implies, this policy type provides coverage for your entire life. People you name as beneficiaries collect a death benefit if you die while covered. Unlike term insurance, whole life insurance uses part of your premium payments to build up savings over time.