Umbrella Liability
Terms used mainly in the US market describing a liability policy where the limits of liability are in excess of the amount covered uner primary policy.It can also fill in gaps in cover such as a Different Conditions/Diference in Limits policy in the U.K market.
Under – Insurance
A common mistake.You have only youself to blame if you insure your property for less than its full value.
Underwriter
An insurer’s employee who decides whether or not to accept a proposal or insurance and,if so ,on what terms and conditions.
Underwriting agency
An intermediary who is allowed to underwrite and accept risk on behalf of an insurer,subject to certain laid-down criteria and limits.
Uninsurable Risks
There are many different types of insurance cover available,but some things are just uninsurable.For example,if you are a cocaine smuggler,you cannot expect any insurer to give you cover against the possibility of arrest and detention.
Ununsured/Untraced Drivers
The motor Insurer’s bureau,collectively financed by all motor insurance companies,in some countries deals with third party injury claims arising from uninured drivers and hit and run accidents.
Unoccupancy
Some policies have a condition that premises should not be left unoccupied for more than a specified time.Premiums sre set for a risk with a stated occupation on unoccupancy can result in an increased hazard.
Unspecified Valuables.
Collective cover for valuable items such as jewellery,which are individually worth less than a certain specified limit.This cover saves having to individually specify each item and if evidence of value is provided,the claim can be made up to the specified limit.
Utmost Good Faith
A duty imposed upon both parties to an insurance contract,the insured and the insurer.This legal duty implies that both parties must make full discolusure of all the facts relevant to the insurance contract before entering into it.In other words,tell the truth to the insurer ,who should also make sure you informed of the terms and conditions of the insurance.
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General Insurance Terms For U
Terms used mainly in the US market describing a liability policy where the limits of liability are in excess of the amount covered uner primary policy.It can also fill in gaps in cover such as a Different Conditions/Diference in Limits policy in the U.K market.
Under – Insurance
A common mistake.You have only youself to blame if you insure your property for less than its full value.
Underwriter
An insurer’s employee who decides whether or not to accept a proposal or insurance and,if so ,on what terms and conditions.
Underwriting agency
An intermediary who is allowed to underwrite and accept risk on behalf of an insurer,subject to certain laid-down criteria and limits.
Uninsurable Risks
There are many different types of insurance cover available,but some things are just uninsurable.For example,if you are a cocaine smuggler,you cannot expect any insurer to give you cover against the possibility of arrest and detention.
Ununsured/Untraced Drivers
The motor Insurer’s bureau,collectively financed by all motor insurance companies,in some countries deals with third party injury claims arising from uninured drivers and hit and run accidents.
Unoccupancy
Some policies have a condition that premises should not be left unoccupied for more than a specified time.Premiums sre set for a risk with a stated occupation on unoccupancy can result in an increased hazard.
Unspecified Valuables.
Collective cover for valuable items such as jewellery,which are individually worth less than a certain specified limit.This cover saves having to individually specify each item and if evidence of value is provided,the claim can be made up to the specified limit.
Utmost Good Faith
A duty imposed upon both parties to an insurance contract,the insured and the insurer.This legal duty implies that both parties must make full discolusure of all the facts relevant to the insurance contract before entering into it.In other words,tell the truth to the insurer ,who should also make sure you informed of the terms and conditions of the insurance.
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