General Insurance Terms : Wollam Grand Valley Insurance


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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.


Unaffiliated Investments

These investments represent total unaffiliated investments as reported in the exhibit of admitted assets. It is cash, bonds, stocks, mortgages, real estate and accrued interest, excluding investment in affiliates and real estate properties occupied by the company.



The individual trained in evaluating risks and determining rates and coverages for them. Also, an insurer.

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Underwriting The process of selecting risks for insurance and classifying them according to their degrees of insurability so that the appropriate rates may be assigned. The process also includes rejection of those risks that do not qualify.


Underwriting This represents the percentage of a company's net premiums written that went toward underwriting expenses, such Expense as commissions to agents and brokers, state and municipal taxes, salaries, employee benefits and other operating Ratio costs. The ratio is computed by dividing underwriting expenses by net premiums written. The ratio is computed by dividing underwriting expenses by net premiums written. A company with an underwriting expense ratio of 31.3% is spending more than 31 cents of every dollar of net premiums written to pay underwriting costs. It should be noted that different lines of business have intrinsically differing expense ratios. For example, boiler and machinery insurance, which requires a corps of skilled inspectors, is a high expense ratio line. On the other hand, expense ratios are usually low on group health insurance.

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Underwriting Expenses, including net commissions, salaries and advertising costs, which are attributable to the production of net Expenses premiums written. Incurred Underwriting Details the underwriting practices of an insurance company and provides specific guidance as to how underwriters Guide should analyze all of the various types of applicants they might encounter. Also called an underwriting manual, underwriting guidelines, or manual of underwriting policy.

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Unearned Premiums

That part of the premium applicable to the unexpired part of the policy period.

Uninsured Motorist Coverage

Endorsement to a personal automobile policy that covers an insured collision with a driver who does not have liability insurance.

Universal Life Insurance

A combination flexible premium, adjustable life insurance policy.

Usual, Customary and Reasonable Fees

An amount customarily charged for or covered for similar services and supplies which are medically necessary, recommended by a doctor or required for treatment.


How much a covered group uses a particular health plan or program.


A calculation of the policy reserve in life insurance. Also, a mathematical analysis of the financial condition of a pension plan.

Valuation Reserve

A reserve against the contingency that the valuation of assets, particularly investments, might be higher than what can be actually realized or that a liability may turn out to be greater than the valuation placed on it.

Variable The act of converting a variable annuity from the accumulation phase to the payout phase. Annuitization Variable Life Insurance

A form of life insurance whose face value fluctuates depending upon the value of the dollar, securities or other equity products supporting the policy at the time payment is due.

Variable Universal Life Insurance

A combination of the features of variable life insurance and universal life insurance under the same contract. Benefits are variable based on the value of underlying equity investments, and premiums and benefits are adjustable at the option of the policyholder.

Viatical Settlement Provider

Someone who serves as a sales agent, but does not actually purchase policies.


The terminally ill person who sells his or her life insurance policy.

Voluntary Reserve

An allocation of surplus not required by law. Insurers often accumulate such reserves to strengthen their financial structure.

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General Insurance Terms : Wollam Grand Valley Insurance

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