Jargon Buster

We’re committed to helping our customers understand insurance. Here’s a list of common words and phrases you will come across in your policy and when making your decisions.
All | A B C D E F I L N P R S U V
There are currently 2 entries in this directory beginning with the letter U.
Under Insurance
If you insure an asset for less than its full replacement value any claim you make will be reduced in direct proportion. In simple terms if you insure an asset for £100,000 and its full replacement value is £200,000 you are 50% under-insured, so any claim you make will be reduced by 50%.
A person employed by an insurer who is responsible to assess a risk on the basis of the information provided and calculate the premium required.

© 2023 Clear Councils

Clear Councils is a trading style of Clear Insurance Management Limited, which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales number: 3712209 Registered office: 1 Great Tower Street, London, EC3R 5AA.   

We are covered by the Financial Ombudsman Service. You can find out more at www.financial-ombudsman.org.uk.

Clear Insurance Management Limited also provide risk management services and guidance which is not regulated by the Financial Conduct Authority. Any protection provided by the Financial Ombudsman Service or the Financial Services Compensation Scheme does not apply to this specific business activity and we will inform you of this before undertaking the business activity.