preheaderimg Home Page
 
  • Home
  • About Us
  • About RVing
    History
    Coverages
  • Other Insurance
    RV Park & Campground Hospitality
    Auto
    Classic Car
    Boat
    Motorcycle
    Home
    Jewelry
    Business
  • Vehicles
    Class A Motorhome
    Mini-Motorhome (Class C)
    Camper Van
    Bus Conversions
    Medium Duty Tow Vehicle
    Toterhome
    Conventional Travel Trailer
    Fifth Wheel Camper
    Pop Up Camper
    Truck Camper
    Park Model Travel Trailer
    Utility Trailer
  • Request A Quote
  • Resources
    Make A Payment
    Customer Service
    File a Claim
    Our Carriers
    Links
    Events
    Refer A Friend
    Privacy Policy
  • Contact Us
 
  • Home
  • Personal
    • Automobile
    • Classic Car
    • Boat
    • Motorcycle
    • RV
    • Homeowners
    • Condominium Owners
    • Dwelling Fire
    • Renters
    • Jewelry
    • Windstorm
    • Health
    • Life
  • Business
    • Business & Commercial
    • Bonds
    • Commercial Property
    • Flood
    • Windstorm
    • Inland Marine
    • General Liability
    • Professional Liability
    • Workers Compensation
    • Trucking
  • Resources
    • Make a Payment
    • File a Claim
    • Our Carriers
    • Insurance Glossary
    • Calculators
    • Refer a Friend
  • About Us
    • About Bozeman Insurance
    • Our Locations
    • Employee Directory
    • Privacy Policy
  • Contact Us
    • Contact Us
    • Join Our Newsletter
RV Insurance Quote
Home > Glossary > U

Insurance Glossary

Insurance terms and definitions from Bozeman Insurance Inc.


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 Bozeman Insurance Inc 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

foot Home Page Home Page Contact Us