A variable annuity is an investment-based annuity where your money is invested in the market, and the value of your account rises or falls with those investments. Understanding Variable Annuity …

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Valued Policy Law is a state rule that requires insurers to pay the full face value of a policy when a covered home is totally destroyed, no matter its actual …

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A valued policy is an insurance contract where the value of the insured item is agreed upon in advance, and that amount is paid if a total loss occurs. This …

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Unpaid losses are insurance claims that have happened but haven’t been fully settled or paid yet. This term is commonly used in the insurance world, but the idea behind it …

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Universal life insurance is a flexible type of life insurance that lets you adjust your premiums and coverage as your needs change over time. This kind of policy is often …

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Unearned premium reserve is the amount of insurance premium an insurer has already collected but has not yet earned because the coverage period hasn’t ended. Even though this term sounds …

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Unearned premium is the portion of an insurance payment that has been collected but hasn’t yet been “used” because the coverage period hasn’t passed. This term sounds technical, but it’s …

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Underwriting risk is the risk an insurance company takes on when it agrees to insure people, property, or businesses and collect premiums in return. At first glance, underwriting risk sounds …

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Underwriting is the process insurance companies use to decide who they will insure, how much coverage to offer, and how much it should cost. If you’ve ever applied for insurance …

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An underwriter is the insurance professional who decides how risky it is to insure someone and what price makes sense for that coverage. When you apply for insurance, whether it’s …

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