UMBRELLA LIABILITY POLICY: A liability policy designed to provide liability protection above and beyond that provided by standard liability contracts.
UNDER-INSURANCE: A condition in which not enough insurance is carried to cover the insurable value, and, especially, to satisfy a coinsurance clause.
UNDERWRITER: (1) A person trained in evaluating risks and determining the rates and coverages that will be used for them; (2) An agent, especially a life insurance agent, who might qualify as a "Field Underwriter".
UNDERWRITING: The process of examining, accepting, or rejecting insurance risks and classifying those selected in order to charge the proper premium for each.
UNINSURED MOTORIST COVERAGE: Endorsement to a personal automobile policy that covers an insured involved in a collision with a driver who does not have liability insurance.
UNIVERSAL LIFE INSURANCE: A flexible premium policy that combines protection against premature death with a savings account that typically earns a money market rate of interest.