|
| Umbrella Liability Policy ... |
| Broad insurance coverage against losses excluded by, or exceeding policy limits of underlying contracts. |
| • • • • • |
| Uncalculated ... |
| Based more on intuitive reasoning than mathematically reckoning the statistical probability of success or failure. |
| • • • • • |
| Underinsured Motorist Coverage ... |
| Provides coverage for an Insured who is involved in an accident with an underinsured motorist when the bodily injury liability limits of the motorist at fault are not sufficient to meet the medical expenses arising out of the accident. |
| • • • • • |
| Underlying Contract ... |
| An insurance policy or treaty that must pay its share or its limit before another policy or treaty is applied to the loss. |
| • • • • • |
| Underwriting ... |
| A process involving research and evaluation of applications for insurance to determine the amounts and terms by which the Insurance Company would be able to accept each risk. |
| • • • • • |
| Underwriting Profit or Loss ... |
| Net gain or deficit experienced by an Insurance Company from accruing underwriting premium and disbursing loss payments as recorded on the Statutory Income Statement, not counting the influence of investments. (See also, Statutory Underwriting Profit or Loss.) |
| • • • • • |
| Unearned Premium ... |
| The portion of a premium payment that applies to the unexpired portion of the policy period. |
| • • • • • |
| Unfair Discrimination ... |
| The application of different underwriting standards to Insureds who have the same risk of loss. |
| • • • • • |
| Unilateral Contract ... |
| A contract where one-sided performance or consideration is given in exchange for a promise from the other party, as an Insurance Company promises to provide coverage over the policy period for the premium payment. |
| • • • • • |
| Uninsured Motorist Coverage ... |
| Provides coverage for an Insured and passengers who are involved in an accident with an uninsured motorist or "hit & run" driver. |
| • • • • • |
| Uninsured Motorist Property Damage Coverage ... |
| Provides coverage for the insured vehicle involved in an accident with an uninsured motorist or "hit & run" driver. |
| • • • • • |
| Unoccupancy ... |
| The absence of occupants from the premises. |
| • • • • • |
| Unscheduled ... |
| Equipment or personal property that is not scheduled. |
| • • • • • |
| Utmost Good Faith ... |
| A characteristic of contracts maintaining that each party should be able to rely on the honesty and cooperation of each other to fulfill their obligations and comply with its conditions. |
| • • • • • |
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