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Glossary

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Glossary

We've organized the most common financial terms and explained them in simple, friendly ways.

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Underwriting

The risk assessment of an applicant based on several contributing factors (e.g., age, health, medical history, hobbies, etc.), performed by an underwriter on behalf of the insurance company, which determines the cost of the policy.

Underwriting (Auto Insurance)

The process of determining an applicant's final rate/premium ― based on their driving history, credit, coverage desired, etc. ― performed by an underwriter on behalf of the insurance carrier.

Uninsured/Underinsured Motorist Coverage (UM/UIM)

In the event you are involved with an uninsured or underinsured driver in a tort state, UM/UIM coverage is available to pay for your bodily injury or property damage claims. 

Universal Life Insurance

A type of permanent life insurance, universal life is the most flexible form of coverage and is even broken down into three sub-policy types: guaranteed universal life, indexed universal life, and variable universal life, which offer varied cost and investment options. 

Unsecured Debt

Typical of a personal loan, unsecured debt is not backed by any asset acting as collateral, in the event a loan becomes delinquent or goes into default. As a result, unsecured loans typically have higher interest rates.

USDA Mortgage

Administered by the US Department of Agriculture, a USDA mortgage is intended for moderate-to-low income borrowers in eligible rural areas. Some USDA loans don't require a down payment.