Call Us 303-219-4985 ☰ ˟
Logo
303-219-4985 303-219-3060
  • Home
  • Get A Quote
    • AutomobileImage of right arrow
      • Auto Insurance Quote
      • Collector & Classic Car Insurance
    • Business & CommercialImage of right arrow
      • Builders Risk
      • Business Owners (BOP) Quote Form
      • Commercial Auto Insurance Quote
      • General Liability Quote Form
      • Liquor Liability Quote Form
      • Workers Compensation Quote
    • HomeownersImage of right arrow
      • Homeowners Insurance Quote
      • Landlord Insurance
    • Farm Quote Request
    • Life
    • Limousine
    • Motorcycle
    • Recreational Vehicle
    • Renters
    • Trucking
    • Umbrella
    • Watercraft & Boat
  • Blog
  • Products & Services
    • Personal LinesImage of right arrow
      • Auto and Homeowners Insurance
      • Automobile
      • Farm
      • High Value Home Insurance
      • Homeowners
      • Life Insurance
      • Mobile Home Insurance
      • Motorcycle
      • Other Personal Insurance
      • Rental Property Insurance
      • Renters
      • Recreational Vehicle
      • Personal Umbrella Insurance
      • SR-22 Insurance
      • Term Life Insurance
      • Watercraft & Boat
      • Wedding Insurance
    • Business & CommercialImage of right arrow
      • Alarm Contractors Insurance
      • Accounting Firm Insurance
      • Apartment Owners Insurance
      • Car Dealership Insurance
      • Catering Insurance
      • Cleaning Business Insurance
      • Commercial Auto Insurance
      • Commercial Property Insurance
      • Commercial Umbrella Insurance
      • Condo Association Insurance
      • Condominium
      • Construction
      • Consulting Firm Insurance
      • Contractors Insurance
      • Craft Brewery Insurance
      • Cyber Liability Insurance
      • D & O Insurance
      • Data Backup Insurance
      • Daycare
      • Dental Practice Insurance
      • Educational Facility Insurance
      • Equipment Insurance
      • Errors & Omissions
      • Extortion Insurance
      • Financial Institution Insurance
      • Garage Insurance
      • General Liability Insurance
      • Handyman Insurance
      • Healthcare Facility Insurance
      • Hotel
      • Insurance for Arborists
      • Jewelry Insurance
      • Key Person Insurance
      • Kidnapping Insurance
      • Law Firm Insurance
      • Life Science Insurance
      • Limousine
      • Liquor Based Business
      • Maintenance Contractors Insurance
      • Marine Insurance
      • Mechanical Breakdown Insurance
      • Media Advertising Insurance
      • Mini Bus Insurance
      • Manufacturing Insurance
      • Non Profit Insurance
      • Nursing Home Insurance
      • Office Insurance
      • Oil & Gas
      • Personal Trainer Insurance
      • Pharmacist Insurance
      • Product Liability Insurance
      • Professional Liability Insurance
      • Restaurant
      • Retail Insurance
      • School
      • Special Events Insurance
      • Transportation Insurance
      • Tow Trucks Insurance
      • Trucking
      • Umbrella
      • Workers Compensation
  • Make A Payment
  • Resources
    • Refer a Friend
    • Important Links
    • Insurance Glossary
    • News Center
  • About Us
    • Location Map
    • Employee Directory
    • Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join Our Newsletter
Home > Glossary > U

Insurance Glossary

Insurance terms and definitions from Schneider Insurance Independent Agents & Brokers.


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 Schneider Insurance Independent Agents & Brokers 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

2186 South Holly St, Unit 107
Denver, Colorado 80222
P: 303-219-4985

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