770-704-5000  |  877-823-1070 ☰ ˟
770-704-5000 877-823-1070
Logo
  • Home Page
  • Our Agency
    • Our Locations
    • Contact UsImage of right arrow
      • Marietta Office
      • Canton Office
    • Employee Directory
    • File a Claim
  • Get A Quote
    • Auto Insurance Quote
    • Commercial Auto Insurance Quote
    • Homeowners Insurance Quote
    • Life Insurance Quote
    • Motorcycle Insurance Quote
    • Watercraft Insurance Quote
  • About Us
    • About
    • Testimonials
    • Work for Us!
    • Privacy Policy
  • Contact
Home > Glossary > U

Insurance Glossary

Insurance terms and definitions from Marietta Insurance Services.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact Marietta Insurance Services today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
UMBRELLA POLICY
Coverage for losses above the limit of an underlying policy or policies such as homeowners and auto insurance. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies.

UNBUNDLED CONTRACTS
A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract.

UNDERINSURANCE
The result of the policyholder’s failure to buy sufficient insurance. An underinsured policyholder may only receive part of the cost of replacing or repairing damaged items covered in the policy.

UNDERWRITING
Examining, accepting, or rejecting insurance risks and classifying the ones that are accepted, in order to charge appropriate premiums for them.

UNDERWRITING INCOME
The insurer’s profit on the insurance sale after all expenses and losses have been paid. When premiums aren’t sufficient to cover claims and expenses, the result is an underwriting loss. Underwriting losses are typically offset by investment income.

UNEARNED PREMIUM
The portion of a premium already received by the insurer under which protection has not yet been provided. The entire premium is not earned until the policy period expires, even though premiums are typically paid in advance.

UNINSURABLE RISK
Risks for which it is difficult for someone to get insurance.

UNINSURED MOTORISTS COVERAGE
Portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Logo
social icon social icon social icon social icon social icon
Quick Links
Home Our Products Customer Service Payment Options Report a Claim
About Us Refer A Friend Our Carriers Blog Contact Us
Locations
Marietta Office 742 Roswell Street SE
Marietta, GA 30060

Canton Office 57 Reinhardt College Pkwy
Suite 300
Canton, GA 30114

© Copyright. All rights reserved.
Powered by Insurance Website Builder