GLOSSARY

List of Financial Terms in alphabetical order:

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WACC See Weighted Average Cost of Capital.

Warehouse Receipt Document that provides evidence of the ownership of goods stored in a warehouse.

Warehouse Receipt Loan A bank loan that uses a negotiable warehouse receipt as collateral. A warehouse receipt is issued when imported merchandise is placed in a warehouse for storage purposes. Since the warehouse receipt is evidence that the buyer owns the stored goods, the receipt can be used as collateral for a loan.

Warrant Long-term call option issued by a company. Unlike exchange-traded options, warrants are not issued by individuals and performance on the option contract is not guaranteed by a clearing house or clearing corporation.

Weighted Average Cost of Capital (WACC) Average cost of capital represented by the rate used to discount the expected cash flows of the entity.

Whole Life Insurance Life insurance where the insured pays premiums over the course of their life and the policy pays a death benefit to a beneficiary. The insured pays a lifetime premium and the policy builds cash value that the insured can borrow against. The insurance company invests the premiums in traditionally secure investments and guarantees a predetermined death benefit (similar to ordinary life or straight life).
Wholesale Banking Banking services offered to commercial customers such as corporations, merchant banks and other financial institutions.

Wire Transfer Method of electronic funds transfer. An electronic payment order from one party to another. FedWire and CHIPS are wire transfer systems.
Workers' Compensation Insurance Coverage that provides compensation for injuries sustained by employees during the course of their employment (or on-the-job).

Worksite Marketing The selling of insurance products and services directly to employees of a corporation with the sponsorship of the employer. Also known as payroll deduction marketing, it is a fast growing alternative channel for insurance selling for many insurance companies.

World Bank The name used for the International Bank for Reconstruction and Development (IBRD). The bank is an international organization set up after World War II to help finance the reconstruction of Europe and Asia. Today, the bank's focus is on providing technical assistance, guidance and financing for major projects in developing nations. The bank is funded by the paid-in capital subscriptions of member nations, from borrowings in the global capital markets and from net earnings.

Written Premiums The amount of premiums due in a year for all polices issued by an insurance company.

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