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Glossary

Your complete understanding of the insurance business will go a long way in helping you benefit from it in a manner that suits your risk profile and your financial needs. This glossary attempts to give you that very understanding.

To locate a word of your choice click through the alphabetical index below.
A - K | L - T | U - Z
 
U
Underwriter
The company employee who decides whether the company should assume a particular risk or not and if yes, at what extra premium.
Uninsured risk
A person who is not acceptable for insurance due to excessive risk.
W
Whole life insurance
Life insurance that is kept in force for a person's whole life as long as the scheduled premiums are maintained. All whole life policies build up cash values. Most whole life policies are guaranteed as long as the scheduled premiums are maintained. The variable in a whole life policy is the bonus which could vary depending on how well the Insurer is doing. If the Insurer is doing well and the policies are not experiencing a higher mortality than projected, premiums are paid back to the policy holder in the form of bonus. Policyholders can use the cash from bonus in many ways. The three main uses are that it can be used to lower or off-set premiums, it can be used to purchase more insurance or it can be used to pay for term insurance.
A document completed by a physician or another approved medical examiner and submitted to an insurer to supply medical evidence of insurability (or lack of insurability) or in relation to a claim.
Reasonable charges for medical, surgical, X-ray, dental, ambulance, hospital, professional nursing, prosthetic devices, and funeral expenses. (The insurance company defines what is reasonable.
The charge for the element of pure insurance protection in the life insurance policy.
The first factor considered in life insurance premium rates. Insurers have an idea of the probability that any person will die at any particular age; this is the information shown in a mortality table.
The number of deaths in a group of people, usually expressed as deaths per thousand.
A table showing the incidence of death at specified ages.
A contract of life insurance underwritten on the basis of an insured's statement of his health with no medical examination required.
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