Glossary

A wage and hour audit is an independent review (typically privileged) that seeks to determine whether, for payroll purposes, the employees of a business are properly classified as either "exempt" (and thus not eligible for overtime pay) or "nonexempt" (and thus eligible for overtime pay).

Wage and hour claims are assertions by an employee-plaintiff that their employer has failed to pay overtime wages owed to the employee.

Wage and hour indemnity coverage refers to a type of insurance that covers indemnity costs (i.e., settlements and judgments) resulting from wage and hour claims.

A wage and hour insurance coverage endorsement is a coverage endorsement that may be attached to employment practices liability insurance policy forms.

A waiting period deductible is sometimes used in business interruption and other time element policies, in lieu of a dollar amount deductible. It establishes that the insurer is not responsible for loss suffered during a specified period (such as 72 hours) immediately following a direct damage loss.

Waiver is the intentional or voluntary surrender of a right, claim, or privilege.

A waiver of inventory is a fire insurance policy provision that states that inventory will not be required in the event of a small loss.

Waiver of premium is the known relinquishment by an insurer of the right to collect premium from an insured.

A waiver of recourse endorsement is an endorsement to a fiduciary liability insurance policy that prevents an insurer from exercising its subrogation rights against an insured fiduciary.

A waiver of subrogation is an acknowledgment by an insurer that it has no right to subrogate against a liable third party after it has paid a loss on behalf of its insured.