Underwriting

The process an insurance company uses to evaluate the risk presented by an applicant and to calculate an appropriate life insurance premium.

Unearned Income

Non-employment income, such as income from investments, trusts, rent, , alimony payments, pensions, and annuities.

Unisex Pricing

A policy whose premium is the same for both menĀ and women, mandated by certain provinces.

Universal Life Insurance

A form of permanent cash value life insurance that provides both life insurance protection and a savings component with a guaranteed minimum rate of return, plus an additional return when the insurance company’s investments perform well. Other key features include … Continued

Utilization Management

A method of managing medical care costs by controlling the fees charged by providers for various medical treatments, as well as the appropriateness of the treatment. Utilization management controls the component of appropriateness for medical care by using established criteria … Continued