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 Insurance
Definitions
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- Umbrella Liability: Insures losses in
excess of amounts covered by other liability
insurance policies; also protects the insured in
many situations not covered by the usual
liability polices.
- Unallocated Benefit: A policy
provision providing reimbursement up to a
maximum amount for the cost of all extra
miscellaneous hospital services, but not
specifying how much will be paid for each type
of service.
- 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; 3)
the agent who sells the policy.
- Underwriting: The process of
selecting risks for insurance and determining in
what amounts and on what terms the insurance
company will accept the risk.
- Underwriting Profit or Loss: The
amount of money which an insurance company gains
or loses as a result of its insurance
operations. It excludes investment transactions
and federal income taxes.
- Unearned Premium: The portion of a
premium that a company has collected but has yet
to earn because the policy still has unexpired
time to run.
- Unified Credit: a one-time credit of
$192,800, usually applied against Federal Estate
Taxes, that is available to every individual's
estate. The credit also can be used for payment
of Federal Gift Taxes during that individual's
lifetime.
- Uniform Premium: A rating structure
in which one premium applies to all insured's,
regardless of age, sex, or occupation.
- Uniform Provisions: Statutory policy
provisions of health insurance policies which
specify some of the rights and obligations of
the insured and the company. These provisions,
with some modifications, are part of the
insurance laws of all 50 states and the District
of Columbia.
- Uninsurable Risk: One not acceptable
for insurance due to excessive risk.
- Uninsured/Underinsured Motorist Coverage:
A form of insurance that pays the policy holder
and passengers in his/her car for bodily injury
caused by the owner or operator of an uninsured
or inadequately insured automobile.
- Universal Life Insurance: A flexible
premium life insurance policy under which the
policyholder may change the death benefit from
time to time (with satisfactory evidence of
insurability for increases) and vary the amount
or timing of premium payments. Premiums (less
expense charges) are credited to a policy
account from which mortality charges are
deducted and to which interest is credited at
rate which may change from time to time.
- Utilization review: Process for
deciding whether to approve treatment or
referrals recommended by doctors. These reviews
are required in managed care and some
traditional plans.
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