Underwriter: A company
employee who decides whether or not the company should
assume a particular risk.
Underwriting: The
process of selecting risks for insurance and determining
in what amounts and on what terms the insurance company
will accept the risk.
Underwriting Profit or
Loss: The amount of money which an insurance company
gains or loses as a result of its insurance operations.
Unearned Premium: The
portion of a premium that a company has collected but has
yet to earn because the policy still has time to run.
Uniform Premium: A
rating structure in which one premium applies to all
insureds, regardless of age, sex, or occupation.
Uninsured /
Underinsured Motorist Coverage: A type of insurance that
pays the policy holder and passengers in their automobile
for bodily injury caused by the owner or operator of an
uninsured or inadequately insured automobile.
Universal Life
Insurance: A flexible premium life insurance policy under
which the policyholder may change the death benefit from
time to time and vary the amount or timing of premium
payments.
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Valuable Papers and
Records: An all risk insurance coverage form that
provides coverage for physical loss or damage to valuable
papers and records.
Variable Annuity: An
annuity contract in which the amount of each periodic
income payment may fluctuate.
Variable Life
Insurance: Life insurance under which the benefits relate
to the value of assets behind the contract at the time
payment is due.
Vesting: A provision
that a pension participant will, after meeting certain
requirements, retain a right to all or part of the
accrued benefits, even though the employee may leave the
job before retirement.
Voluntary Market: The
market where one obtains insurance in the open market
with no help from the state, through an insurer of their
own selection.
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Waiting Period: The
length of time an employee must wait from a date of
employment or application for coverage, to the date
his/her insurance is effective.
Waiver: An agreement
attached to a insurance policy which exempts from
coverage certain disabilities or injuries that otherwise
would be covered by the policy.
Waiver of Premium: A
provision in some policies to continue premium payments
due during a period of continuous total disability that
has lasted for a specified length of time.
Whole Life Insurance:
A life insurance policy that allows benefits to be
payable to a beneficiary at the death of the insured
whenever that occurs. Premiums may be payable for a
specified number of years (limited payment life) or for
life (straight life).
Will: A legal
statement of an individual's wishes concerning the
disposal of his or her property after death.
Workers Compensation:
A system established under state law that provides
payments, without regard to fault, to employees injured
in the course and scope of their employment.
Workers' Compensation
Insurance: Insurance against liability imposed on certain
employers to pay benefits and furnish care to employees
that are: injured, killed, or are sick due to
occupational hazards.
Written Premiums: The
total amount of premiums written in a year for all
polices issued by an insurance company.
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Yacht Insurance: A
type of insurance providing hull coverage and liability
insurance on pleasure boats.
Yearly renewable Term
Insurance: Term life insurance that may be renewed
annually without evidence of insurability to a stated
age.
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