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UNDERWRITER
(1) The person who assesses and classifies the potential degree of risk that a proposed insured represents.
(2) The person or organization that guarantees that money will be available to pay for losses that are insured against. In this sense, the insurance company is the underwriter.
UNDERWRITING
(1) The process of assessing and classifying the potential degree of risk that a proposed insured represents. Also called selection of risks.
(2) Providing guarantees that money will be available to pay for losses that are insured against.
UNIVERSAL LIFE INSURANCE
Universal life insurance is a permanent life insurance product in which the internal policy charges and interest crediting components are specifically broken out separately in the policy.
A universal life insurance policy accumulates cash value at an interest
crediting rate declared by the company. Within certain limits, the
policyowner can choose the premium he or she wishes to pay and this affects the policy's cash
value. Each month, a monthly deduction to cover the cost of the insurance protection provided by the policy is deducted from the policy cash value.
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