A glossary of commonly used general insurance and risk management terms.

Board Room


UMBRELLA LIABILITY POLICY – a policy that pays for liability losses in excess of those covered in general liability and auto insurance.

UNDERLYING – The amount of insurance on a risk which attaches before the next higher excess layer of insurance or reinsurance attaches.

UNDERWRITER – A person trained in evaluating risks and determining the rates and coverages that will be used for them.

UNDERWRITING – The process of evaluating a risk for the purpose of issuing insurance coverage on it.

Top of Page