New York Life

Glossary

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Uncancellable
(See "Non-Cancellable.")

Underinsured
A situation in which not enough life insurance is carried to meet an individual's or business's needs in the event of death.

Underwriter
An insurance company employee who reviews applications and makes underwriting decisions. Also, an agent.

Underwriting
The process of selecting risks for insurance and determining in what amounts and on what terms the insurance company will provide an applicant with insurance coverage.

Universal Life Insurance
A form of permanent life insurance characterized by flexible premiums, a flexible face amount, and unbundled pricing factors. The cost elements of the policy are separately identified to the policyowner. It is also known as Flexible Premium Adjustable Life.

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

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