Insurance Glossary
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- 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.
