| You can use our glossary
to find the definitions of many terms you will come
across when arranging a secured homeowner loan
Click on a letter A to Z for terms beginning with that letter
U
ULR (uninsured loss recovery)
additional insurance protection under which the insurers will attempt to recover your uninsured
losses, including repair costs, policy excesses,
loss of use etc., where a third party was at fault in an accident.
Under insurance
when a customer takes out too little insurance, paying smaller premiums than they should.
Insurance companies take a dim view on under-insurance, and they will almost always scale down a claim as a result.
So, if you insure a car for £8000 when it's worth £10,000, they will only pay out £8000 if it is written off.
Even worse, if the car sustains more minor damage, the insurer will only pay four fifths of a claim.
Underwriter
a technician trained in evaluating risks and determining rates and coverage for them. They assess
facts such as your age, sex and health and calculate insurance premiums accordingly.
V
Voluntary excess
a voluntary excess is the amount that you choose to bear in addition to the policy excess
that has to be paid in the event of a claim. Young drivers may have to bear a higher policy excess.
You can usually select the amount of voluntary excess you are prepared to bear. If you decide to bear an additional
(voluntary) excess it may mean that your premium will be reduced.
W
Waiver
an agreement attached to the policy and accepted by the insured, to eliminate a specified
pre-existing physical condition or specified hazard.
Waiver of premium
a provision that sets certain conditions under which an insurance policy will be kept
in full force by the company without the payment of premiums.
Write-off
See Total Loss
X
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Car insurance guide
