ULR - ULR or Uninsured Loss Recovery is an additional insurance
protection that you should consider purchasing. Where a motor accident
was the fault of a third party, our insurers will attempt to recover
your uninsured losses including repair costs, policy excess, loss
of use, hire costs of alternative vehicle, transport costs, etc.
Under-insurance - When a customer takes out too little insurance,
paying smaller premiums than they should. Insurance companies take
a dim view on under-insurance, and they will almost always scale
down a claim as a result. So, if you insure a car for £8000 when
it's worth £10,000, they will only pay out £8000 if it is written
off. Even worse, if the car sustains more minor damage, the insurer
will only pay four fifths of a claim.
Underwriter - A technician trained in evaluating risks and
determining rates and coverage for them. The term derives from the
practice at Lloyd's of each person willing to accept a portion of
the risk writing his name under the description of the risk.
Underwriting - Where an insurance company takes into account
known facts like your age, sex and health, in order to assess the
likelihood of you making a claim on the policy. Your insurance premiums
are calculated after taking these factors into consideration.
Underwriting decision - A decision made by insurance underwriters
based on evidence supplied. Utmost good faith The principle of insurance
which requires a proposer to give all relevant information to the
insurer.
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