The party who assesses the applicant's/insured's risk level, establishes the corresponding
premium(s) and assures that funds will be available to pay to the insured in the
event of a loss.
A legal contract in which only one party makes any legally enforceable promises.
A life insurance policy is a unilateral contract since the insurer writes the contract
and makes future promises and the insured pays the premium in exchange for such
The risk of incurring a loss is so high that an insurer will not offer coverage.
Uninsured Motorist Coverage:
This type of coverage is part of an automobile insurance policy and protects the
owner of an insured vehicle where damages are made to the insured vehicle by a person
who is not covered by insurance.
Universal Life Insurance:
An adjustable type of life insurance that provides both term life insurance
coverage and a savings vehicle side account with a guaranteed minimum return on
the investment. This type of life insurance also allows the policy owner to change
the amount of coverage and premiums throughout the duration of coverage.
For more reference, click on any of the letters below to find life insurance terms
that begin with that letter. ABCDEFGHIJKLMNOPQRSTVWXYZ