Insurance Definitions

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U

UMBRELLA LIABILITY POLICY:   A liability policy designed to provide liability protection above and beyond that provided by standard liability contracts.

UNDER-INSURANCE:   A condition in which not enough insurance is carried to cover the insurable value, and, especially, to satisfy a coinsurance clause.

UNDERWRITER:   (1) A person trained in evaluating risks and determining the rates and coverages that will be used for them; (2) An agent, especially a life insurance agent, who might qualify as a "field underwriter."

UNDERWRITING:  The process of examining, accepting, or rejecting insurance risks, and classifying those selected in order to charge the proper premium for each.

UNINSURED MOTORIST COVERAGE:  Endorsement to a personal automobile policy that covers an insured involved in a collision with a driver who does not have liability insurance.

UNIVERSAL LIFE INSURANCE:  A flexible premium policy that combines protection against premature death with a savings account that typically earns a money market rate of interest.

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VALUABLE PAPERS AND RECORDS INSURANCE:   An Inland Marine or burglary insurance coverage providing for the replacement of valuable papers, records and forms.

VOID POLICY:   One which is inadmissible as evidence in a court of law (e.g. P.P.I. policy).