Insurance Glossary.....
The information in this glossary is intended to be general in nature and should not be construed
as specific recommendations, nor as a substitute for the advice of a professional insurance broker who is
familiar with a client's particular exposures or circumstances.
We have endeavored however, to provide information that is as reliable as possible, and request that you contact
our professionals at Wieben Insurance Services for the correct application in your particular situation.
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Umbrella Liability Policy:
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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.
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Underinsured Motorists Coverage:
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Provides coverage for bodily injury, and in some states property damage, for
losses incurred by an insured when an accident is caused by a motorist who does not have sufficient
insurance limits.
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Underlying Coverage:
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The insurance or coverage in place on the same risk that will respond to loss
before the excess policy is called on to pay any portion of the claim.
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Underwriter:
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Company receiving premiums and accepting responsibility for fulfilling the
policy contract. Also, company employee who decides whether the company should assume a particular
risk; or the agent who sells the policy.
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Underwriting:
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The process of selecting risks for insurance and classifying them according to
their degrees of insurability so that the appropriate rates may be assigned. The process also
includes rejection of those risks that do not qualify
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Unearned Premium:
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Insurance premium that is paid beyond the current period, so it is not yet
earned by the insurer. If the policy is canceled, the insured should receive a refund
of the unearned amount. That portion of the policy premium that represents the balance
of the policy term.
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Uninsurable Risk:
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A person who is not acceptable for insurance due to excessive risk.
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Uninsured Motorist Coverage:
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Provides coverage for bodily injury, and in some states property damage, for
losses incurred by an insured when an accident is caused by a motorist who is not insured.
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Utility Service Interruption Coverage:
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Coverage for the loss to an insured due to lack of incoming electricity which
was caused by damage from a covered cause of loss, such as a fire or windstorm, to property away
from the insured's premises - usually the utility generating station. Also referred to as
'off-premises power coverage'.
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Universal Life:
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A combination flexible premium, adjustable life insurance policy.
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Usual, Customary and Reasonable Fees:
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An amount customarily charged for or covered for similar services and supplies
which are medically necessary, recommended by a doctor or required for treatment.
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Utilization:
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How much a covered group uses a particular health plan or program.
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