Find Us on FacebookFollow Us on TwitterConnect with Us on LinkedInRead Our BlogGoogle+
Preheader Home Page Locations

 

  Get quick, accurate and affordable rates.  

Insurance Glossary

Insurance terms and definitions from Segal Insurance Agency.


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 Segal Insurance Agency 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

  Find Us on FacebookFollow Us on TwitterConnect with Us on LinkedInRead Our BlogGoogle+
Segal Insurance Agency
424 Langley Rd
Newton, MA 02459

Ph: 617.527.4400
Fx:  617.964.8925
Segal Insurance Agency
968 Hancock St
Quincy, MA 02170

Ph: 617.773.7525
Fx:  617.328.7811
Segal Insurance Agency
Central Square Insurance

875 Massachusetts Ave., Suite 11
Cambridge, MA 02139

Ph: 617.876.1300
Fx: 617.441.8684
Deangelis Insurance
283 Merrimack St
Methuen, MA 01844

Ph: 978.682.3397
Fx:  978.681.0773
Home Page
Our Agency
Get A Quote
Newsletter
Read Our Blog
Contact Us
Additional Locations

Auto Insurance
Home Insurance
Business Insurance
Life Insurance
More Insurance Types
© Copyright Segal Insurance Agency. All rights reserved. Powered by Insurance Website Builder