Insurance glossary

U

ULR

The 'Uninsured loss recovery service'. This means that if a client is involved in an accident that is not their fault, the Insurers solicitors will act for them at no cost in order to recover their uninsured losses, e.g. their excess repair costs etc.

Under-insurance

This is the situation when a customer takes out too little insurance, paying smaller premiums than they should. Obviously the insurance company would be well within its rights to only pay out exactly what was covered under the policy which could mean that a similar car would not be able to be bought.

Underwriter

Someone who assesses an insurance risk and decides the correct premium to charge for insuring that 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 on these factors.

Uninsured loss

Anything which arises from an accident that you are not insured for.