A form of insurance protection against losses in excess of
amounts covered by other liability insurance policies; also
protects the insured in many situations not covered by the
usual liability policies. This policy is available for both
personal and commercial lines coverage.
A form of annuity contract that gives purchasers the freedom
to choose among certain optional features in their contract.
The result of the policyholder’s failure to buy sufficient
insurance. An underinsured policyholder may only receive
of the cost of replacing or repairing damaged items covered
in the policy.
Underinsured Motorists Coverage (UIM):
Coverage is intended to cover you and passengers in your car
for losses unpaid because sufficient bodily injury liability
limits are not available from the policy of an at-fault driver.
How and under what circumstances the coverage becomes operative
varies in different states.
An employee of an insurance company who is a selector of
risks. The underwriter is expected to select business that
an average risk of loss no greater than anticipated for the
class of business. In the life insurance industry, “underwriter”
may also mean an agent or other field representative who is
referred to as a “field underwriter.”
The process of selecting risks for insurance and determining
in what amounts and on what terms the insurance company accepts
Underwriting Profit or Loss:
The profit or loss experienced by a property/casualty insurance
company after deducting from earned premiums the incurred
losses and expenses of doing business, but before provision
of federal income tax. It excludes investment income.
The portion of a property/casualty insurance premium that
applies to the unexpired portion of the policy period.
Risks for which it is difficult for someone to get insurance.
(See Insurable Risk.)
Uninsured Motorists Coverage:
Pays the policyholder and passengers in his/her car for
losses sustained by reason of bodily injury, sickness,
disease or death caused by the owner or operator of an
automobile or a "hit-and-run" driver.
Uninsured Motorists Property Damage Coverage (UMPD):
Provides coverage to a vehicle involved in an accident with
an uninsured motorist. UMPD is similar to “collision
coverage,” and is not available to those who purchase