Insurance Definitions and Insurance Terms Letter U
Insurance Terms By Alphabet
Insurance Glossary and Insurance Terms Definitions are below.

Choose the letter of the alphabet that your Insurance question or term falls under. You may browse the
definitions to obtain an understanding of the product you have. These definitions are not limited to just car
Insurance. Thank you for visiting our site.
Coverage for losses above the limit of an underlying policy or policies such as homeowners and auto
sometimes broader than those of underlying policies.

A form of annuity contract that gives purchasers the freedom to choose among certain optional features In
their contract.

The result of the policyholder’s failure to buy sufficient Insurance. An underinsured policyholder may only
receive part of the cost of replacing or repairing damaged items covered In the policy.

Examining, accepting, or rejecting Insurance risks and classifying the ones that are accepted, In order to
charge appropriate premiums for them.

The insurer’s profit on the Insurance sale after all expenses and losses have been paid. When premiums
aren’t sufficient to cover claims and expenses, the result is an underwriting loss. Underwriting losses are
typically offset by investment income.

The portion of a premium already received by the insurer under which protection has not yet been provided.
The entire premium is not earned until the policy period expires, even though premiums are typically paid In

Risks for which it is difficult for someone to get Insurance.

Portion of an auto Insurance policy that protects a policyholder from uninsured and hit-and-run drivers.

A flexible premium policy that combines protection against premature death with a type of savings vehicle,
known as a cash value account, that typically earns a money market rate of interest. Death benefits can be
changed during the life of the policy within limits, generally subject to a medical examination. Once funds
accumulate In the cash value account, the premium can be paid At any time but the policy will lapse if there
isn’t enough money to cover annual mortality charges and administrative costs.

NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the
Insurance industry. These definitions are not applicable In all states or for all Insurance and financial
products. This is not an Insurance contract. Other terms, conditions and exclusions apply. Please read your
official policy for full details about coverages. These definitions do not alter or modify the terms of any
Insurance contract. If there is any conflict between these definitions and the provisions of the applicable
Insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to
fully set out your rights and obligations or the rights and obligations of the Insurance company, agent or
agency. If you have questions about your Insurance, you should contact your Insurance agent, the
Insurance company, or the language of the Insurance policy.
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