Insurance Glossary

Insurance Glossary Index

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UMBRELLA LIABILITY POLICY - a policy that pays for liability losses in excess of those covered in general liability and auto insurance.

UNDERLYING - The amount of insurance on a risk which attaches before the next higher excess layer of insurance or reinsurance attaches.

UNDERWRITER - A person trained in evaluating risks and determining the rates and coverages that will be used for them.

UNDERWRITING - The process of evaluating a risk for the purpose of issuing insurance coverage on it.

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