We hope that our extensive glossary of common (and some not-so-common)
insurance terms and phrases proves helpful to you! Simply start
below by choosing the first letter of the word or phrase you want to
learn more about.
A - B - C - D - E - F - G - H - I - J - K - L - M
N - O - P - Q - R - S - T - U - V - W
UMBRELLA POLICY - Coverage for losses above the
limit of an underlying policy or policies such as homeowners and
auto insurance. While it applies to losses over the dollar amount
in the underlying policies, terms of coverage are sometimes broader
than those of underlying policies.
UNBUNDLED CONTRACTS - A form of annuity contract that gives
purchasers the freedom to choose among certain optional features in their contract.
UNDERINSURANCE - The result of the policyholder’s failure
to buy sufficient insurance. An underinsured policyholder may only receive part
of the cost of replacing or repairing damaged items covered in the policy.
UNDERWRITING - Examining, accepting, or rejecting insurance
risks and classifying the ones that are accepted, in order to charge appropriate
premiums for them.
UNDERWRITING INCOME - The insurer’s profit on the insurance
sale after all expenses and losses have been paid. When premiums aren’t
sufficient to cover claims and expenses, the result is an underwriting loss.
Underwriting losses are typically offset by investment income.
UNEARNED PREMIUM - The portion of a premium already received
by the insurer under which protection has not yet been provided. The entire premium
is not earned until the policy period expires, even though premiums are typically
paid in advance.
UNINSURABLE RISK - Risks for which it is difficult for someone
to get insurance. (See Insurable
risk)
UNINSURED MOTORISTS COVERAGE - Portion of an auto insurance
policy that protects a policyholder from uninsured and hit-and-run drivers.
UNIVERSAL LIFE INSURANCE - A flexible premium policy that
combines protection against premature death with a type of savings vehicle, known
as a cash value account, that typically earns a money market rate of interest.
Death benefits can be changed during the life of the policy within limits, generally
subject to a medical examination. Once funds accumulate in the cash value account,
the premium can be paid at any time but the policy will lapse if there isn’t
enough money to cover annual mortality charges and administrative costs.
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UTILIZATION REVIEW - See Medical
utilization review |
