
Insurance Glossary
Term | Definition |
---|---|
Umbrella Policy | |
Underwriter | The individual trained in evaluating risks and determining rates and coverages for them. Also, an insurer. |
Underwriting | The process of selecting risks for insurance and classifying them according to their degrees of insurability so that the appropriate rates may be assigned. The process also includes rejection of those risks that do not qualify. |
Underwriting Guide | Details the underwriting practices of an insurance company and provides specific guidance as to how underwriters should analyze all of the various types of applicants they might encounter. Also called an underwriting manual, underwriting guidelines, or manual of underwriting policy. |
Unearned Premiums | |
Uninsured Motorist Coverage | |
Usual, Customary and Reasonable Fees | An amount customarily charged for or covered for similar services and supplies which are medically necessary, recommended by a doctor or required for treatment. |