Umbrella Liability: Insures losses in excess of amounts
covered by other liability insurance policies; also protects
the insured in many situations not covered by the usual liability
polices.
Underwriter: (1) a company that receives the premiums
and accepts responsibility for the fulfillment of the policy
contract; (2) the company employee who decides whether or
not the company should assume a particular risk; (3) the agent
who sells the policy.
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. It excludes investment transactions and federal
income taxes.
Unearned Premium: The portion of a premium that a
company has collected but has yet to earn because the policy
still has unexpired time to run.
Uniform Premium: A rating structure in which one premium
applies to all insureds, regardless of age, sex, or occupation.
Uninsurable Risk: One not acceptable for insurance
due to excessive risk.
Uninsured/Underinsured Motorist Coverage: A form of
insurance that pays the policy holder and passengers in his/her
car for bodily injury caused by the owner or operator of an
uninsured or inadequately insured automobile.
Click on the letter of alphabet, which the word you are looking for begins with:
