underwriter: (1) A company that receives the premiums and accepts responsibility for the fulfillment of the policy contract(2) The company employee who decides whether or not the company should assume a particular risk (3) The agent who sells the policy
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unallocated benefits: Benefits with a maximum amount but without specific limits on the extent of benefit for each service rendered.
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umbrella liability: If your auto and home are insured with the same carrier, you probably can get supplemental liability coverage from your insurer. This is generally a very good and affordable idea, but only if you have underlying wealth that needs to be shielded from lawsuits. By insuring your car and home, it is cost-effective for your insurer to extend bigger-dollar liability coverage to both areas (hence the “umbrella” concept). If, for example, you have 100/300 auto liability ($100,000 liability for each person insured in an accident; $300,000 total liability for the accident) and $100,000 liability on your homeowner’s insurance, you can usually extend this to $1 million for a few hundred bucks a year (premiums vary by company and its assessment of your own risk).
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treaty reinsurance: Reinsurance covering broad groups of policies. All policies written by the primary insurer within the defined groups will be covered and ceded to the reinsurer until the policies’ expiration. This occurs on an ongoing basis until the agreement is canceled.
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travel accident policies: In some states, limited contracts covering accidents that occur only while an insured person is traveling on business for an employer, away from the usual place of business, and on named conveyances.
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towing and labor coverage: Towing and labor coverage can be added as part of an auto insurance policy, in case of roadside breakdowns.
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totaling: When an insurance company determines that damage to a vehicle is so extensive that the cost to repair the vehicle exceeds its value or is a substantial portion of its value.
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total revenue: Primarily net premium revenue, annuity and fund deposits, considerations for supplementary contracts, net investment income, certain reinsurance adjustments, and miscellaneous income.
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total liabilities: Total general account liabilities. As reported in these analyses, mandatory securities valuation reserve (MSVR) is included as a liability item but is counted as a part of surplus for operating leverage and return on statutory capital calculations.
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total disability: A disability that prevents a person from performing all occupational duties. The exact definition varies among policies. Own Occupation (Own Occ): Under this definition, an insured will be considered disabled only if he or she is unable to perform the duties of his or her occupation. Any Occupation (Any Occ): Under this definition, an insured will be considered disabled only if he/she is unable to work in any occupation for which he/she is qualified by education, training, or experience. This is closely related to the definition that the Social Security Administration uses in determining disability.
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