- Umbrella Liability Policy: Provides
excess amounts of insurance above the primary policy as
well as additional liability coverage's.
|
- Underwriter: A company employee
who decides whether or not the company should assume a particular
risk.
|
- Underwriting: The process of
selecting risks for insurance and determining in what amounts
and on what terms the insurance company will accept the
risk.
|
- Underwriting Profit or Loss:
The amount of money which an insurance company gains or
loses as a result of its insurance operations.
|
- Unearned Premium: The portion
of a premium that a company has collected but has yet to
earn because the policy still has time to run.
|
- Uniform Premium: A rating structure
in which one premium applies to all insureds, regardless
of age, sex, or occupation.
|
- Uninsured / Underinsured Motorist
Coverage: A type of insurance that pays the policy holder
and passengers in their automobile for bodily injury caused
by the owner or operator of an uninsured or inadequately
insured automobile.
|
- Universal Life Insurance: A
flexible premium life insurance policy under which the policyholder
may change the death benefit from time to time and vary
the amount or timing of premium payments.
|
Back to the Glossary
|
