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.
