Umbrella Liability
If your auto and home are insured with the equal carrier, you probably can get supplemental liability reporting from your insurer.

Umbrella Policy
Exposure for losses higher than 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 original policies, terms of exposure are sometimes broader than those of original policies.

Unallocated Benefits
Profit with a highest amount but without specific limits on the point of benefit for each service rendered.

Unbundled Contracts
A appearance of annuity agreement that gives purchasers the freedom to decide among confident optional features in their contract.

Underinsurance
The effect of the policyholder’s stoppage to buy sufficient insurance. An underinsured policyholder may only be given part of the cost of replacing or repairing damaged substance covered in the policy.

Underwriter
• A business that receives the premiums and agree to responsibility for the fulfillment of the policy contract
• The business employee who decides whether or not the company should presume a particular risk
• The agent who sells the policy

Underwriting
The endorsing process evaluates the likelihood an insured incident will occur, determines its possible cost and develops an appropriate premium for the exposure that is competitive in the marketplace and remunerative to the insurance company writing the policy

Underwriting Cash Flow Ratio
The amount of premiums collected net of reinsurance plus other underwriting profits divided by the amount of loss and loss adjustment operating expense paid plus underwriting expenses paid plus other underwriting expenses.

Underwriting Income
The insurer’s earnings on the insurance sale after all expenses and fatalities have been paid. When premiums aren’t sufficient to cover claims and expenses, the result is an underwriting loss.

Underwriting Profitability Ratio
The proportion of net earned premiums less underwriting expenses and fatalities divided by net earned premiums.

Unearned Premium
That segment of a premium previously received by the insurer for which protection has not yet been present. The portion of a premium previously received by the insurer under which protection has not yet been provided.

Unearned Premium Reserve
A hold back equal to an amount of net premium in print but not yet earned.

Uninsurables
High risk persons who do not have physical condition care coverage through classified insurance and who fall outside the limitations of risks of standard health underwriting practices.

Uninsurable Risk
Danger for which it is not easy for somebody to get insurance.

Uninsured/Underinsured Motorists Coverage
In the greatest of all probable worlds, everyone would have bounty auto liability coverage. But there are people who coerce around with no insurance or not adequate insurance. Piece of an auto insurance policy that protects a policyholder from uninsured and hit and run drivers.

Universal Life Insurance
A flexible premium policy that combines protection next to untimely loss with a type of savings vehicle, identified as a cash charge account that logically earns a money market rate of interest. In adding up, premiums and loss payback can be changed by the policyholder.