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Insurance Phrasing - U

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  1. UMBRELLA POLICY
    Coverage for losses above the limit of an underlying policy or policies such as homeowners and auto insurance. The terms of the coverage are usually broader than the coverage on the underlying policy.

  2. UNEARNED PREMIUM
    Earned premium is the portion of an insurance premium which is considered "earned" by the insurer, based on the part of the policy period that the insurance has been in effect, and during which the insurer has been exposed to loss. Until the policy period expires, the premium is not fully earned unless otherwise stated.

  3. UNINSURED MOTORISTS COVERAGE
    Coverage on an auto insurance policy that covers the insured if hit by an uninsured motorist or a hit and run driver.

  4. UNIVERSAL LIFE INSURANCE
    This type of policy has a savings account while protecting against premature death. It has flexible premiums and typically earns a money market rate of interest.