Glossary of Terms

The Resource Center provides a glossary of insurance terms to help you understand the various insurance wordings that may appear in your quotes, cover notes & policies.

Download this guide to Understanding Health Insurance Terms

Health Insurance
Life Insurance
Property and Casualty

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

Ultimate Mortality Table

A mortality table based on mortality experience, from which the first few policy years after issue (usually five) have been excluded to eliminate the effect of possible adverse selection.

Uniform Premium

A rating system that is used to calculate premiums for all insureds with no distinctions as to age, sex or occupation.

Universal Life

A combination flexible premium, adjustable life insurance policy. The premium payer may select the amount of premium he or she can pay and the policy benefits are those which the premium will purchase; or, the premium payer may change the amount of insurance and pay premium accordingly. Many believe this is the only true solution to the “buy term invest the difference” problem.

Unscheduled Premium Payments

In Universal Life insurance, the policy owner can pay extra premiums in addition to the scheduled premium payment amount. These payments can be made at any time, but are subject to a minimum amount.