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UMBRELLA POLICY.
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UNBUNDLED CONTRACTS.
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UNDERINSURANCE.
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UNDERWRITING.
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UNDERWRITING INCOME.
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UNEARNED PREMIUM.
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UNINSURABLE RISK.
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UNINSURED MOTORISTS COVERAGE.
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UNIVERSAL LIFE INSURANCE.
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UTILIZATION REVIEW..
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Coverage for
losses above the limit of an underlying policy or policies such as
homeowners and auto insurance. While it applies to losses over the
dollar amount in the underlying policies, terms of coverage are
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
advance.
Risks for which
it is difficult for someone to get insurance. (See Insurable risk)
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.
See Medical
utilization review
Glossary of Insurance Terms
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