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Benson Kearley IFG helps you understand...

The world of insurance can be quite hard to understand. We’re here to provide you with terms you can understand, give you advice and offer our help—all right at your fingertips.

Insurance Glossary

U

UMBRELLA POLICY

A special form of liability policy designed to protect the policyholder for certain unknown contingencies over and above normal coverage and to provide a higher limit of insurance.

UNDERINSURANCE

Insurance amount that is less than the full value of the property insured.

UNDERWRITER

A person trained in evaluating risks and determining the rates and coverages that will be used for them. An agent, especially a life insurance agent, who might qualify as a "field underwriter." In theory, the agent is supposed to do some underwriting before submitting the case to the home office underwriter; i.e., to make a decision on the basis of facts known to him on whether or not the risk is sound and to report all facts known to him that might affect the risk.

UNDERWRITING FILE

Underwriting component of an automobile insurance premium; depends on the number of years of driving experience and the driving record.

UNIT

One of the equal parts into which ownership of a mutual fund is divided.

UNIVERSAL LIFE INSURANCE

A life insurance policy that allows for a varying death benefit and premium level over the term of the policy with flexible investment options for the cash balance value of the policy.

UNOCCUPIED BUILDING

A building with contents, but no occupant (occupant does intend to return).

UTMOST GOOD FAITH

A basic principle of any insurance contract. Both parties to the contract are bound to exercise good faith and do so by a full disclosure of all information relevant to the proposed contract. Also known by its Latin equivalent Uberrimae fidei.

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