Glossary beginning with U | IFFCO Tokio General Insurance Company in India

Glossary beginning with U

Uberrimae Fideisearch for term

Means "Utmost Good Faith'. The basis of all insurance contracts - both parties to the contract are bound to exercise good faith and do so by a full disclosure of all information material to the proposed contract.

Umbrella Liabilitysearch for term

Insures losses in excess of amounts covered by other liability insurance policies; also protects the insured in many situations not covered by the usual liability policies

Under-insurancesearch for term

The situation where the Sum Insured is less than the total value of property at risk.

Underwritersearch for term

The company receiving premiums and accepting to cover the risk. Also, the person employed by the company who decides whether the company should accept a particular proposal for insurance or application for revival

Underwritingsearch for term

The process of selecting risks for insurance and determining in what amounts and on what terms the insurance company will accept the risk.

Underwriting Profit or Losssearch for term

The amount of money, which an insurance company gains or loses as a result of its insurance operations

Unearned premiumsearch for term

That portion of the original premium for which protection has not yet been provided because the policy still has some time to run before expiration.

Unenforceable Contractsearch for term

This is one, which lacks some evidential features. The contract is a valid one otherwise, but could not be enforced in a court of law

Uninsurable Risksearch for term

Risks not acceptable for insurance due to excessive risk

Utmost Good Faithsearch for term

A duty imposed on both parties to an insurance contract. The legal duty implies full disclosure of all facts material to the contract during negotiations of the contract

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