Warranty coverage that protects against manufacturer's defects past the normal warranty period and for repair after breakdown to return a product to its origina...
Whole Life life insurance that may be kept in force for a person's entire life and that pays a benefit upon the person's death, whenever that may be. What is...
Whole Life Insurance life insurance that may be kept in force for the duration of a person's life and pays a benefit upon the person's death. Premiums are made...
Workers' Compensation insurance that covers an employer's liability for injuries, disability or death to persons in their employment, without regard to fault, a...
Written Premium the contractually determined amount charged by the reporting entity to the policyholder for the effective period of the contract based on the ex...
Stop Loss/Excess Loss individual or group policies providing coverage to a health plan, a self insured employer plan, or a medical provider providing coverage t...
Underlying Interest the asset(s), liability(ies) or other interest(s) underlying a derivative instrument, including, but not limited to, any one or more securit...
State Page Exhibit of Premiums and Losses for each state a company is licensed. The state of domicile receives a schedule for each jurisdiction the company wrot...
Swap an agreement to exchange or net payments as the buyer of an Option, Cap or Floor and to make payments as the seller of a different Option, Cap or Floor....
Unallocated Loss Adjustment Expense (ULAE) loss adjustment expenses that cannot be specifically tied to a claim. What is Unallocated Loss Adjustment Expense (...
Variable Life Insurance life insurance whose face value and/or duration varies depending upon the value of underlying securities. What is Variable Life Insura...
Substandard Risk (impaired risk) risks deemed undesirable due to medical condition or hazardous occupation requiring the use of a waiver, a special policy form,...
Title Insurance coverage that guarantees the validity of a title to real and personal property. Buyers of real and personal property and mortgage lenders rely u...
Universal Life Insurance adjustable life insurance under which premiums and coverage are adjustable, company expenses are not specifically disclosed to the insu...
Structured Securities loan backed securities that have been divided into two or more classes of investors where the payment of interest and/or principal of any...
Underwriter person who identifies, examines and classifies the degree of risk represented by a proposed insured in order to determine whether or not coverage sh...
Statement Type refers to the primary business type under which the company files its annual and quarterly statement, such as Life, Property, Health, Fraternal,...
Tenants homeowners insurance sold to tenants occupying the described property. What is Tenants , What does mean Tenants , Insurance Guide, Insurance Glossary
Umbrella and Excess (Commercial) coverage for the liability of a commercial venture above a specific amount set forth in a basic policy issued by the primary in...
Variable Universal Life combines the flexible premium features of universal life with the component of variable life in which excess credited to the cash value...
Superfund federal act mandating retroactive liability for environmental pollution where responsible party maintains accountability for environmental clean up re...
Total Liabilities total money owed or expected to be owed by the insurance company. What is Total Liabilities , What does mean Total Liabilities , Insurance G...
Unpaid Losses claims that are in the course of settlement. The term may also include claims that have been incurred but not reported. What is Unpaid Losses ,...
Structured Settlements periodic fixed payments to a claimant for a determinable period, or for life, for the settlement of a claim. What is Structured Settlem...
Underwriting the process by which an insurance company examines risk and determines whether the insurer will accept the risk or not, classifies those accepted a...
Statement Value the Statutory Accounting Principle book value reduced by any valuation allowance and non admitted adjustment applied to an individual investment...
Umbrella and Excess (Personal) non business liability protection for individuals above a specific amount set forth in a basic policy issued by the primary insur...
Viatical Settlements contracts or agreements in which a buyer agrees to purchase all or a part of a life insurance policy. What is Viatical Settlements , What...
Standard Risk a person who, according to a company's underwriting standards, is considered a normal risk and insurable at standard rates. High or low risk candi...
Surety Bond a three party agreement whereby a guarantor (insurer) assumes an obligation or responsibility to pay a second party (obligee) should the principal d...
Total Revenue premiums, revenue, investment income, and income from other sources. What is Total Revenue , What does mean Total Revenue , Insurance Guide, Ins...
Valued Policy an insurance contract for which the value is agreed upon in advance and is not related to the amount of the insured loss. What is Valued Policy...
Subrogation situation where an insurer, on behalf of the insured, has a legal right to bring a liability suit against a third party who caused losses to the ins...
Underwriting Risk section of the risk based capital formula calculating requirements for reserves and premiums. What is Underwriting Risk , What does mean Unde...
Statutory Accounting method of accounting standards and principles used by state regulatory authorities to measure the financial condition of regulated companie...
Unauthorized Reinsurance reinsurance placed with a company not authorized in the reporting company's state of domicile. What is Unauthorized Reinsurance , Wha...
Vision limited benefit expense policies. Provides benefits for eye care and eye care accessories. Generally provides a stated dollar amount per annual eye exami...
State Children's Health Insurance Program policies issued in association with the Federal/State partnership created by title XXI of the Social Security Act. W...
Travel Coverage covers financial loss due to trip cancellation/interruption; lost or damaged baggage; trip or baggage delays; missed connections and/or changes...
Valued Policy Law state legislation which specifies that the insured shall receive the face amount of the policy in the event of a total loss to a dwelling rath...
Subrogation Clause section of insurance policies giving an insurer the right to take legal action against a third party responsible for a loss to an insured for...
Term Insurance life insurance payable only if death of insured occurs within a specified time, such as 5 or 10 years, or before a specified age. What is Term...
Unearned Premium amount of premium for which payment has been made by the policyholder but coverage has not yet been provided. What is Unearned Premium , What...
Stock Insurance Company business owned by stockholders. What is Stock Insurance Company , What does mean Stock Insurance Company , Insurance Guide, Insurance...
Underinsured Motorist Coverage policy option for bodily injury or property losses caused by a motorist with coverage insufficient to cover total dollar amount o...
Warrant an agreement that gives the holder the right to purchase an underlying financial instrument at a given price and time or at a series of prices and times...
State of Domicile the state where a company's home office is located. What is State of Domicile , What does mean State of Domicile , Insurance Guide, Insuranc...
Surplus Line specialized property or liability coverage available via nonadmitted insurers where coverage is not available through an admitted insurer, licensed...
Treaty a reinsurance agreement between the ceding company and reinsurer. What is Treaty a reinsurance, What does mean Treaty a reinsurance, Insurance Guide, I...
