Dictionary of Insurance Terms -U-

-U-

• 
  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.