Call Us 800-684-5020 ☰ ˟
Logo
Call Us 800-684-5020
  • Home
  • Get A Quote
    • Automobile
    • Business & CommercialImage of right arrow
      • Commercial Auto Insurance Quote
      • General Liability Insurance
      • General Liability Quote Form
      • Business Owners (BOP) Quote Form
      • Builders Risk
      • Workers Compensation Quote
    • Commercial Property Insurance
    • FloodImage of right arrow
      • Flood
    • HomeownersImage of right arrow
      • Homeowners Insurance Quote
      • Homeowners Association Insurance
      • Homeowners Association Form
    • Life
    • Long Term Care Insurance
    • Other
    • Recreational Vehicle
    • Renters
    • Specialty Automobile
    • Universal Life InsuranceImage of right arrow
      • Universal Life Insurance
    • Watercraft & Boat
  • Customer Service
    • AutomobileImage of right arrow
      • Request ID Card for Auto Policy
      • Add Vehicle to Existing Auto Policy
      • Remove Vehicle from Existing Auto Policy
      • Add Driver to Existing Auto Policy
      • Remove Driver from Existing Auto Policy
    • Business & CommercialImage of right arrow
      • Request ID Card for Commercial Auto Policy
      • Request General Liability Certificate of Insurance
    • Flood
    • HomeownersImage of right arrow
      • Request Declaration and Coverages for Existing Homeowners Insurance Coverage
      • Request Evidence of Insurance
    • Recreational Vehicle
    • Renters
    • Watercraft & BoatImage of right arrow
      • Request ID Card for Watercraft Policy
      • Request Declaration and Coverages Page for Watercraft Policy
      • Add Watercraft to Existing Policy
      • Remove Watercraft from Existing Policy
      • Change Primary Operator on Existing Watercraft Policy
  • Blog
  • Resources
    • Community Partners
    • Refer a Friend
    • Important Links
    • Insurance Glossary
  • About Us
    • About McKinney Insurance Services Inc.
    • Our Locations
    • Employee Directory
    • Privacy Policy
    • Careers
  • Contact Us
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Business Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life & LTC Icon

Life & LTC

We browse through a wide variety of coverages and find the right one for you.

Learn More
RV and Boat Icon

RV & Boat

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Glossary > U

Insurance Glossary

Insurance terms and definitions from McKinney Insurance Services.


Coverages and benefits listed below may not be available in your state. If available, some optional coverages and benefits might be offered at an additional charge. Contact McKinney Insurance Services today to learn more.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
UMBRELLA POLICY
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.

UNBUNDLED CONTRACTS
A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract.

UNDERINSURANCE
The result of the policyholder’s failure to buy sufficient insurance. An underinsured policyholder may only receive part of the cost of replacing or repairing damaged items covered in the policy.

UNDERWRITING
Examining, accepting, or rejecting insurance risks and classifying the ones that are accepted, in order to charge appropriate premiums for them.

UNDERWRITING INCOME
The insurer’s profit on the insurance sale after all expenses and losses have been paid. When premiums aren’t sufficient to cover claims and expenses, the result is an underwriting loss. Underwriting losses are typically offset by investment income.

UNEARNED PREMIUM
The portion of a premium already received by the insurer under which protection has not yet been provided. The entire premium is not earned until the policy period expires, even though premiums are typically paid in advance.

UNINSURABLE RISK
Risks for which it is difficult for someone to get insurance.

UNINSURED MOTORISTS COVERAGE
Portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers.


NOTICE: These glossary definitions provide a brief description of the terms and phrases used within the insurance industry. These definitions are not applicable in all states or for all insurance and financial products. This is not an insurance contract. Other terms, conditions and exclusions apply. Please read your official policy for full details about coverages. These definitions do not alter or modify the terms of any insurance contract. If there is any conflict between these definitions and the provisions of the applicable insurance policy, the terms of the policy control. Additionally, this informational resource is not intended to fully set out your rights and obligations or the rights and obligations of the insurance company, agent or agency. If you have questions about your insurance, you should contact your insurance agent, the insurance company, or the language of the insurance policy.

Insurance Websites Designed and Hosted by Insurance Website Builder
Glossary content provided by Insurance Information Institute and ITC

Contact Us Today!
800 - 684 - 5020

Social Social Social Social

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

5 Allen Avenue
Asheville, NC 28803

Phone: 800-684-5020 | Fax: 828-684-1810 | info@mckinneyagency.com
© Copyright. All rights reserved. | Powered by Insurance Website Builder