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Kelley Blue Book

- U -     Insurance Glossary

Please choose the letter you wish to define:

A     N

B     O

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E     R

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H     U

I     V

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K     X

L     Y

M     Z

• 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.

 

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