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Definitions - U

Ultimate Mortality
Descriptive of the insured's mortality experience after the select period, when mortality increases due to health deterioration.

Underwriter
An employee of a life insurance company who is trained to evaluate the insurability and determine the classification of persons applying for insurance protection.

Underwriting
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 Classes
Classification given to an individual based on personal and family health history.

Underwriting Profit or Loss
The amount of money which an insurance company gains or loses as a result of its insurance operations. It excludes investment transactions and federal income taxes.

Unearned Premium
The portion of a premium that a company has collected but has yet to earn because the policy still has unexpired time to run.

Uniform Premium
A rating structure in which one premium applies to all insured, regardless of age, sex, or occupation.

Unilateral Contract
A contract having promises by one party only.

Uninsurable Risk
One not acceptable for insurance due to excessive risk.

Unisex Rates
Rates that are used for both male and females.

Unisex States
States that allow the use of Unisex rates (as of August 30, 2001: only Montana).

Some whole life policies let you pay premiums for a shorter period such as 20 years, or until age 65. Premiums for these policies are higher since the premium payments are made during a shorter period.