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Life Settlement Glossary
- unbundled contracts
- For life insurance, universal life type policies where the elements
of mortality, expenses, and interest are fully disclosed to the
- The individual within a life insurance company who is responsible
for reviewing personal and medical information in order to assign a
risk class for new life insurance applicants.
- The process of evaluating, classifying, and pricing life insurance
or life settlements.
- underwriting department
- The department within a life insurance company or life settlement
provider that is responsible for carrying out the underwriting
- underwriting impairments
- Factors uncovered during the life insurance underwriting process
that result in the payment of substandard premiums.
- underwriting requirements
- A list of the essential information that is needed to properly
evaluate, classify, and price a proposed insurance risk.
- unearned premium
- The portion of an insurance premium that applies to the unexpired
part of the policy period. Even though premiums are paid at the
beginning of a policy period they are not completely earned by the
company until the end of the period. For some life insurance policies,
however, unearned premiums are still retained by the insurer even if a
policy is cancelled mid-term.
- uninsurable risk
- A life insurance risk that cannot be covered for any amount at any
- universal life insurance
- Otherwise known as flexible premium adjustable life insurance, an
unbundled life insurance product consisting of guaranteed and
non-guaranteed mortality costs, expenses, and interest earnings.
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