Getting MarriedLife Insurance Terms
These definitions are courtesy of the American Council of Life Insurers
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
U
Underwriting The process of classifying applicants for insurance by identifying such characteristics as age, gender, health, occupation, and hobbies. People with similar characteristics are grouped together and charged a premium based on the group's level of risk.
Universal life insurance A type of permanent life insurance that allows the insured, after the initial payment, to pay premiums at any time and in virtually any amount, subject to certain minimums and maximums. The insured may decrease or increase the death benefit more easily than under a traditional whole life policy. To increase the death benefit, the insurance company usually requires the policyholder to furnish satisfactory evidence of continued good health. Also known as adjustable life insurance