Underwriting Tier
An underwriting tier is a risk classification category used by insurance companies to group applicants with similar risk profiles.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Unidentified Cash
In the context of insurance, “unidentified cash” typically refers to cash that cannot be attributed to a specific source or owner.
Uninsured Motorist Coverage
Uninsured motorist coverage (UM) is a type of auto insurance that protects you if you’re hit by a driver who doesn’t have any liability insurance.
Universal Life Insurance
A type of permanent life insurance that allows for flexible premium payments and adjustable death benefits.
Usage Based Insurance (UBI)
Usage-based insurance (UBI), also known as telematics insurance or pay-as-you-drive insurance, is a type of insurance where the premium is based on how you actually drive your vehicle, rather than just traditional factors like your age, driving history, and vehicle type
Utmost Good Faith
Utmost Good Faith, also known as uberrimae fidei, is a fundamental principle of insurance that requires both the insured and the insurer to act with honesty and transparency throughout the insurance process.
Vandalism
Vandalism is the intentional destruction or defacement of property belonging to another person.
VIN (USA)
In the USA, VIN stands for Vehicle Identification Number.
Vision Insurance
Vision insurance is a type of insurance that helps cover the costs of routine eye care, such as eye exams, eyeglasses, and contact lenses.
Warehouse to Warehouse Coverage
Warehouse to warehouse coverage is a type of marine cargo insurance that extends coverage beyond just the sea voyage.
Watercraft Insurance
A type of insurance that provides coverage for boats and other watercraft, including protection against damage to the vessel, liability for injuries or damages caused to others, and coverage for personal belongings on board.
Web Aggregators
Web aggregators, in the context of insurance, are websites or online platforms that collect and display information about insurance products from multiple insurance companies in one place. They allow consumers to compare quotes, coverage options, and prices from different insurers side-by-side, making it easier to shop for and purchase insurance.