Wanton Disregard
Willful or wanton disregard Willful or wanton conduct means the actions of one party were done with a conscious and reckless disregard for another person's safety. This standard applies to both intentional harm and negligent actions, and requires a plaintiff to prove that the defendant knew his or her actions would likely cause injury. Willful or wanton conduct is the...
War Bond
DefinitionWar bonds are debt securities issued by a government to finance military operations and other expenditure in times of war. War Bond What is a 'War Bond' A war bond consists of debt securities issued by a government for the purpose of financing military operations during times of war. It is an emotional appeal to patriotic citizens...
War Damage Insurance Corporation
What is 'War Damage Insurance Corporation' A government financial protection arm created during World War II to provide coverage for war risks that were not being covered by existing policies. The coverage was provided by the U.S. government and it compensated American nationals who owned property that was damaged by acts of war. Explaining 'War...
Waiver
What is a 'Waiver' A waiver is the voluntary action of a person or party that removes that person's or party's right or particular ability in an agreement. The waiver can either be in written form or some form of action. A waiver essentially removes a real or potential liability for the other party in the agreement....
Wear And Tear Exclusion
Wear And Tear Exclusion What is 'Wear And Tear Exclusion ' A provision of an insurance contract that states that the normal, expected deterioration of the insured object will not be covered by the policy. Wear and tear is excluded from insurance policy coverage because it is inevitable. Insurance is designed to protect only against unforeseen...
Warm Calling
What is 'Warm Calling' The solicitation of a potential customer with whom a sales representative or business has had prior contact. Warm calling refers to a sales call, visit or email that is preceded by some sort of contact with the potential customer or prospect, such as a direct mail campaign, an introduction at a business event or a referral....
Wasting Trust
What is 'Wasting Trust' A trust that holds plan assets when a qualified plan is frozen. A "wasting trust" derives its name from the fact that its assets get depleted over time, since plan participants continue to receive payouts as required under the plan, but no new contributions are received by the trust. It may also refer...
Walrasian Market
What is 'Walrasian Market' An economic model of a market process in which orders are collected into batches of buys and sells and then analyzed to determine a clearing price that will decide the market price. Also referred to as "call market". Explaining 'Walrasian Market' The NYSE uses a similar process before the opening bell...
Water Pollution Liability
What is water pollution liability Water pollution liability is the legal responsibility for damages caused by the contamination of bodies of water. This can include both surface water (lakes, rivers, and oceans) and groundwater (underground aquifers). Water pollution can come from a variety of sources, including factories, sewage treatment plants, agriculture, and even storm water runoff. When water is polluted,...
Wasting Asset
What is 'Wasting Asset' An item that irreversibly declines in value, as a function of time. Wasting assets include vehicles, machinery and other fixed assets. Accountants attempt to quantify the amount that assets decrease in value over time, by assigning depreciation schedules to wasting assets, therefore, recognizing the decrease in value each year. Explaining 'Wasting...