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Ultimate MortalityDescriptive of the insured's transience experience after the choosing period, when mortality augment due to health deterioration.

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UnderwriterAn employee of a life insurance company who is qualified to assess the insurability and decide the classification of persons applying for insurance policy protection.

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Underwriting ClassesClassification given to an entity based on personal and as well for family health history.

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Underwriting Profit or LossThe amount of money which an insurance policy company gains or loses as an effect of its insurance operations. It keeps out investment transactions and central income taxes.

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Unearned PremiumThe portion of a premium, which an insurance company has gathered but has yet to earn as the policy still has unexpired time to run.

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Uniform PremiumA rating structure in which one insurance premium applies to all insured, in spite of his/her age, sex, or occupation.

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Unilateral ContractAn agreement having promises by one party only.

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Uninsurable RiskOne not satisfactory for insurance due to excessive risk.

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Unisex RatesRates which are used for both male and females.

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Variable Life InsuranceLife insurance under which the benefits share to the worth of assets behind the agreement at the time of the benefit is paid. The amount of death benefit allocated will be under variable life policies, which have been projected, never be less than the preliminary death benefit payable under the policy.

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Vesting Age The age at which the receiving of pension commence in an insurance-cum-pension plan.

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Vesting BonusIt is the Bonus, which the insurer announces after estimating its assets and liabilities, and that is additional to the amount assured under a policy.

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Vesting DateThis is the date from which the life assured i.e., child becomes the total owner of the insurance policy.

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Void ContractAn agreement obtained by scam is a void contract. It is not an agreement at all. Under this there cannot be any action as any rights or compulsions are cast on the parties to the contract.

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