A-B-C-D-E-F-G-H-I-J-K-L-M-N-O-P-Q-R-S-T-U-V-W-X-Y-Z

Umbrella Liability:
If your auto and home are insured with the same carrier, you probably can get supplemental liability coverage from your insurer. This is generally a very good and affordable idea, but only if you have underlying wealth that needs to be shielded from lawsuits. By insuring your car and home, it is cost-effective for your insurer to extend bigger-dollar liability coverage to both areas (hence the "umbrella" concept). If, for example, you have 100/300 auto liability ($100,000 liability for each person insured in an accident; $300,000 total liability for the accident) and $100,000 liability on your homeowner's insurance, you can extend this to $1 million for a few hundred bucks a year. 

Underwriter:
(1) A company that receives the premiums and accepts responsibility for the fulfillment of the policy contract(2) The company employee who decides whether or not the company should assume a particular risk.

Underwriting:
The underwriting process evaluates the likelihood an insured event will occur, determines its likely cost and develops an appropriate premium for the coverage that is competitive in the marketplace and remunerative to the insurance company writing the policy. For some standardized coverage's that are highly competitive, underwriting may be somewhat besides the point -- the policy has to be priced according to marketplace pressures if the insurer wishes to remain in that line of coverage.  Underwriting still plays a substantial role for many coverage's, however, even those in the increasingly competitive businesses of auto, home and term life insurance. Insurance companies don’t all target the same slice of the market in the same states, and thus often have different objectives in their underwriting efforts as well as different cost structures that determine operating profit margins in their underwriting calculations. Underwriting differences account in part for the substantial differences in insurance premiums for comparable coverage's. 

Unearned Premium:
That portion of a premium already received by the insurer for which protection has not yet been provided.

Unearned Premium Reserve:
A reserve equal to an amount of net premium written but not yet earned. 

Uninsured/Underinsured Motorists Coverage:
In the best of all possible worlds, everyone would have adequate auto liability coverage. But there are people who drive around (often illegally) with no insurance or not enough insurance. If one of these folks happens to cause an accident, you might not be able to collect damages. Uninsured/underinsured motorists coverage -- usually called UM/UIM coverage -- will pay bodily injury costs caused by an uninsured or underinsured motorist. It’s a required coverage in some states, and a prudent coverage anywhere. Usually, the limits are the same as the bodily injury portion of your auto liability coverage. UM/UIM coverage can supplement the benefits you can receive under a no-fault system. 

Universal Life Insurance:
Unlike traditional cash-value policies (known as "whole life"), universal life policy returns were freed from long-term, fixed-rate contracts and replaced with policies whose returns were tied to short-term interest rates and periodically adjusted. In addition, premiums and death benefits can be changed by the policyholder.