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Underinsurance
When the sum insured is not enough to cover the maximum possible loss or damage. Under the condition of average an insurance firm may under pay a claim by the same percentage that the insured under-insured.
Underwriter
This is the person who decides whether to accept a risk and calculates a premium to be charged to the insured.
Utmost Good Faith
This refers to the principle of insurance that requires a proposer to give all relevant information to the insurer.
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