Insurance Glossary

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Insurance Gobbledygook Made Simple

Plain english explanations of insurance terms used by agents, companies and lawyers and found in your insurance policies.

UUnderinsured motorist coverage (UIM) provides coverage for bodily injury caused by a driver who is underinsured. It does not cover damage to your car.Underwriter an individual in an insurance company who determines what insurance risks will be accepted and on what terms.Underwritingthe insurance company’s process for determining whom it will insure.Uninsured motorist bodily injury coverage (UMBI) insurance that covers the insured and family members if injured by a hit-and-run motorist or an uninsured driver, provided the other driver is at fault.Universal lifea flexible premium life insurance contract that permits policy owners to adjust their policy’s premiums, timing of payments, and face amount from time to time.Unsatisfied judgment fund a special fund which, subject to several restrictions, pays individuals for bodily injury arising out of the use of a motor vehicle for their damages if the individual obtains a judgment against the responsible party and is unable to collect on that judgment.Usual, customary & reasonable (UCR)the dollar amount the insurance companies believe to be a fair price for the medical service/procedure in a specific geographic area. Companies have developed their own UCR, which often do not reflect the doctor’s actual bill. If the doctor’s chargers are higher than the companies UCR charge, you generally have to pay the balance.Utilization review servicesa process that reviews, on a case-by-case basis, the utilization, appropriateness, or quality of medical services provided to a person. Examples of utilization review are pre-hospital admission, pre-inpatient certification, second opinions, etc.