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Glossary of Termsu Uberrimae Fidei “Utmost good faith”, a provision often found in reinsurance agreements and considered an accurate description of the reinsurance relationship. Unallocated Claim Expense Expenses of loss adjustment that can not be charged to a specific claim.Examples are claim department salaries and office overhead. Underwriter A technician trained in evaluating risks and determining rates and coverages for them.The term derives from the practice at Lloyd’s of each person willing to accept a portion of the risk writing his name under the description of the risk. Unilateral Contract A contract such as an insurance policy in which only one party to the contract, the insurer, makes any enforceable promise.The insured does not make a promise but pays a premium, which constitutes his part of the consideration. v Vis Major An accident for which no one is responsible, an act of God. w Written Premium The total premium on all policies written by an insurer during a specified period of time, regardless of what portions have been earned.
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