Underwriter to Universal Life Insurance and Definitions

A B C D E F G H I J K L M N O P R S T U V W Y
U

Underwriter
A person who assesses and applicant's risk and assigns a corresponding risk category and thus assigns premiums.

Unilateral Contract
A legal contract in which only one party makes legally enforceable promises. In the case of life insurance, the insurance company makes the promises and the policyowner pays premium to the company in exchange for the promises.

Uninsurable Risk
A person whose medical condition and history or avocation or lifestyle are determined to represent such a high risk of loss of life that an insurance company will not offer coverage.

Universal Life Insurance
An adjustable type of life insurance wherein the policy provides a death benefit and additional provisions for an investment with minimum guarantees. The policy face amount and or investment amounts may be subject to change at the discretion of the policyowner and the stated policy provisions.

Back to the Complete Glossary
Back to "Education & Research Center"
Back to Home

Get Your Life Insurance Quote

Your State:
Date of Birth:
Gender:
Height: ft in
Weight: lbs
Health Class:
Coverage Amount:
Term Period:
Tobacco Use:
E-mail:

 

 

WholesaleInsurance.net Legal Information