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Insurance Terms: U
- Umbrella Policy is additional insurance coverage for losses that exceed the liability limit of underlying policies such as homeowners and auto insurance.
- Underinsurance results when a policyholder fails to purchase enough insurance coverage. The policyholder may be entitled to receive only a portion of the cost to replace or repair damages to covered items.
- Underwriter is the company receiving the insurance premium and assuming the responsibility of fulfillment of the insurance policy contract. An underwriter may also be an employee with the authority to decide which risks the insurance company should assume. In many cases an agent who sells the insurance policy may have underwriting authority.
- Underwriting is the act of examining, accepting, or rejecting an insurance risk. Than determining the appropriate premiums for those risks which are accepted.
- Unearned Premium is the amount of premium received by the insurance company in advance of the protection provided by the insurance policy. The full premium for a policy period is not earned until policy expires.
- Uninsured and Underinsured Motorists Coverage (UM/UIM) pays bodily injury costs caused by an uninsured or underinsured motorist. Some states require UM/UIM coverage, typically the limits are the same as the bodily injury portion of the auto liability coverage. UM/UIM coverage may also supplement the benefits under a No-fault system.
- Universal Life Insurance is a flexible premium policy combining protection against premature death with a savings method, known as a cash value account.
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Insurance Terms: V
- Vandalism is the malicious destruction or spoilage of another person’s personal property.
- Variable Life Insurance is a form of life insurance where the face value fluctuates depending upon the value of the dollar, securities or other equity products supporting the policy at the time the payments are due.
- Variable Universal Life Insurance is a combination of variable life insurance and universal life insurance written under the same insurance contract. The benefits are variable based on the value of underlying equity investments, and premiums. The benefits are adjustable by option of the policyholder.
- Volcano Coverage is usually included under most homeowners policies.
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Glossary of Insurance Terms:
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