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Glossary
Table of Contents
Member of the Better Business Bureau
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 | 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.
| Unallocated Benefit: A policy provision
providing reimbursement up to a maximum amount for the cost of all extra
miscellaneous hospital services, but not specifying how much will be paid
for each type of service.
| 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.
| Underwriting Result: see Underwriting
Profit or Loss
| Unified Credit: a one-time credit of
$192,800, usually applied against Federal Estate Taxes, that is available to
every individual's estate. The credit also can be used for payment of
Federal Gift Taxes during that individual's lifetime.
| Uniform Premium: A rating structure in which
one premium applies to all insureds, regardless of age, sex, or occupation.
| Uniform Provisions: Statutory policy
provisions of health insurance policies which specify some of the rights and
obligations of the insured and the company. These provisions, with some
modifications, are part of the insurance laws of all 50 states and the
District of Columbia.
| 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.
| Universal Life Insurance: A
flexible premium life insurance policy under which the policyholder may
change the death benefit from time to time (with satisfactory evidence of
insurability for increases) and vary the amount or timing of premium
payments. Premiums (less expense charges) are credited to a policy account
from which mortality charges are deducted and to which interest is credited
at rate which may change from time to time. |
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