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Uberrimae Fidie
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Literally, of the utmost good faith. The basis of all insurance and reinsurance contracts. Both parties to the contract are bound to exercise good faith and do so by fully disclosing all information material to the proposed contract.
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Ultralight Aircraft
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A gasoline powered aircraft weighing 160 pounds or less resembling in appearance its motorless cousin, the hang glider. Humorously referred to as an airborne lawnmower.
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Umpire
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1)A person selected by two appraisers to help settle disputes in property insurance claims. The appraisers are chosen by the disputing company and claimant, and a decision of any two of the three is binding. For example, if a company and claimant fail to agree on actual cash value of property destroyed or the amount of the loss, many policies provide that these be determined by appraisal.
2)A similar person in an arbitration proceeding under a reinsurance contract.
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Underground Storage Tank (UST)
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The EPA had developed financial responsibility requirements with respect to owners and users of specific types of underground storage tanks that contain pretroleum products or other hazardous chemicals.
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Underinsurance
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Insurance which is insufficient in amount to cover a loss which the policyholder may suffer.
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Underinsured Motorist Coverage
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Coverage an insured may purchase to protect his or her own self from damage or injury caused by a negligent party who does not have adequate limits of insurance to cover the loss.
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Underlying Insurance Policy
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The basic or primary layer of coverage, the initial policy that will respond to the covered loss. Only when the limits of the underlying policy have been exhausted, will the other respective layers of insurance respond, as with the case of an excess or umbrella policy in liability insurance.
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Underlying Limits
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1)In the case of liability excess or umbrella policies, it refers to the limits of the primary (underlying) policy below the excess or umbrella policy which will respond first to loss. Many excess or umbrella policies have established minimum limits for underlying policies. Should the underlying policy not meet the minimum limit requirements, the excess or umbrella will not be offered.
2)With respect to reinsurance, it is the amount that must be exhaused on the underlying coverages or policies before the reinsurance coverage will go into effect.
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Underwriter
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One who accepts or rejects risks for an insurer (originally, by writing the person's name under the contract of insurance being issued).
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Unearned Premium
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The portion of the premium representing the unexpired portion of the policy term.
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Universal Life Insurance
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A combination of monthly term life insurance plus possible savings in an arrangement that provides limited flexibility as to death benefits and premium payment.
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Unscheduled Property Floater
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A primarily personal inland marine insurance designed to provide blanket special or "all-risk" property coverage on all related property of a certain type.
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Uusal, Customary And Reasonable Fees
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A term used in health and dental insurance programs to designate what the insurer has determined to be the fair and reasonable cost of a given service in the territory the insured is located in.
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Services