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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
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 house contents for £10000
when they are worth £20,000, the insurers will only
pay out £10000 if it burns down.
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.
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
Y
Z
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Home insurance guide
