VALUATION
A calculation of the total assets and liabilities of an insurer or pension scheme.

VESTING
A benefit vests when entitlement to the benefit becomes legally enforceable or is guaranteed.

WAITING PERIOD
The time interval after a policy is taken out before a policyholder can claim benefits, or the
period of time an employee must work with an employer beforejoining an OCCUPATIONAL PENSION
SCHEME. See also: DEFERRED PERIOD.

WHOLE LIFE COVER
An assurance benefit providing protection throughout the life of a policyholder.

WITH PROFIT POLICY
A life assurance policy or annuity where the proceeds contain a "profit" element. Most with profit policies are designed so that bonuses will normally be payable unless the insurer's financial performance has been exceptionally poor.