U
Under Insurance
Where the sum insured does not represent the true value of the property insured.
Underwrite
This is the process whereby an insurer assesses if insurance cover can be provided and what premium should be payable. It can also refer to the acceptance of the obligation to pay or indemnify the insured under a contract of insurance.
Unit Linked
The premiums under your savings policy are invested in units of the investment funds of your chosen life assurance company and the growth in the value of the units purchased determines how much your policy is worth at any point in time.