U – Glossary of Terms


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Umbrella Liability Policy:
Provides excess amounts of insurance above the primary policy as well as additional liability coverage’s.

A company employee who decides whether or not the company should assume a particular risk.

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.

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