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U.S.Internal Revenue Bond
A Surety bond required of those who collect and must report taxes for certain controlled commodities, such as liquor or tobacco.

Umbrella Liability
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.
Uncontrolled Lines
Commercial  nland Marine coverages which are not standardized.

One who judges the acceptance or rejection of insurance risks on behalf of the insurance company.

The process of selecting applicants for insurance and classifying them according to their degrees of insurability so that the appropriate premium rates may be charged. The process includes rejection of unacceptable risks.

Underwriting Expense Ratio
This represents the percentage of a company's net premiums written that went toward underwriting expenses, such as commissions to agents and brokers, state and municipal taxes, salaries, employee benefits and other operating costs.  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. 

Underwriting Guide
Details the underwriting practices of an insurance company and provides specific guidance as to how underwriters should analyze all of the various types of applicants they might encounter.  Also called an underwriting manual, underwriting guidelines, or manual of underwriting policy.

Unearned Premium
The portion of the written premium that has not expired or has not been used, but for which the insured has been charged.

Unfair Insurance Trade Practices Act
A Florida law describing certain practices that are prohibited, such as misrepresentation, denying claims without reasonable investigation, etc.

Uninsured Motorist Bodily Injury
Will pay you and your passengers for bodily injury cause by a negligent uninsured motorist, a hit-and-run driver, or by a driver whose insurer is insolvent.

Uninsured Motorist Coverage
Automobile  coverage designed to provide protection for the insured should he or she be included in an accident in which the driver at fault has no insurance  (or not enough insurance) to cover the loss.

Uninsured Motorist Property Damage
Will pay for damages to your automobile set up to a limit  when caused by a negligent uninsured motorist.

Unscheduled Coverage
A single covercige amount which applies generally to personal property . Also called blanket insurance.    

Utmost Good Faith
A principle of insurance which states that the insurance company must be able to rely on the honesty and cooperation of the insured, and the insured must rely on the company to fulfill its obligations in good faith.

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