| UBERRIMA FIDES | Latin word for "Utmost Good Faith". It is a basic principle of insurance contracts whereby the proposer must disclose all material facts which he knows or ought to know. |
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| Underwriter | (1) The person who assesses and classifies the degree of risk that a proposed insured represents. (2) The person or organization that guarantees that money will be available to pay for losses that are insured against. In this sense, the insurance company is the underwriter. |
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| Underwriting | The process of selecting good life and charging suitable extra for bad lives. |
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| Underwriting Cycle | When the underwriting standards and rate making go through ups and downs. |
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| Underwriting Requirements | Printed instructions that indicate what evidence of insurability is required for a given situation and which of several optional information sources will be needed to provide underwriters with necessary information |
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| Unilateral Contract | Only one party is legally obliged, and the second party is not. |
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| Universal Life Insurance | A form of permanent life insurance that is characterized by its flexible premiums, flexible face amounts, and unbundled pricing factors. |
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| Utmost good faith | A higher degree of honesty is imposed on both parties to an insurance contract than in other contracts. |
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