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Glossary


The unconditional settlement clause is a provision that requires the insured to approve all settlements proposed by an insurer.

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Unconscionable refers to a contract or contractual provision that is so unfair or oppressive to one party that no reasonable or informed person would agree to it.

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Unconscious bias refers to a type of employment-related claim alleging that with respect to promotions, raises, and job offers, women and minorities are often discriminated against because they face preconceived stereotypes in evaluations, despite conscious efforts to do otherwise.

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Underground property damage is used in insurance to refer to damage to wires, conduits, pipes, mains, sewers, tanks, tunnels, any similar property, and any apparatus in connection beneath the surface of the ground or water.

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Underinsurance is a situation resulting from a failure to carry enough coverage on the value of a property, especially when there are coinsurance implications.

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Underinsured motorists (UIM) coverage applies to bodily injury and, in some states, property damage incurred by an insured when an auto accident is caused by a motorist who is not sufficiently insured.

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Underlyers are insurance policies occupying layers of coverage below the particular policy being referred to.

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With respect to any given policy of excess insurance, underlying coverage is the coverage in place on the same risk that will respond to loss before the excess policy is called on to pay any portion of the claim.

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Underlying interest refers to the assets, liabilities, other interests, or a combination thereof underlying a derivative instrument, such as any one or more securities, currencies, rates, indexes, commodities, or derivative instruments.

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Underwriter is any individual in insurance who has the responsibility of making decisions regarding the acceptability of a particular risk and of determining the amount, price, and conditions under which the risk is acceptable.

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