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baggage. Some travel insurance
coverage includes an accidental
death benefit.
U
Underwriting. The process an
insurance company goes through
to decide whether or not to insure
someone.
Uninsured plan.
See "Administrative Services
Only (ASO) Plan".
Universal life. A type of
permanent life insurance with
flexible premium payments.
It consists of two parts: life
insurance and an investment
account. You pay money into
the investment account. The
insurer takes premiums and other
expenses from the account. Any
investment growth accumulates
in the account. You can increase
or decrease your premiums
and your death benefit within
certain limitations. Investment
growth may not be guaranteed
depending on the type of
investment chosen.
W
Waiver of premium. A feature
of some insurance policies that
allows you to stop paying the
premiums if you become disabled.
Whole life. A type of permanent
life insurance that provides
coverage for your lifetime. It has
fixed premiums, builds up a cash
value, and has features that help
keep your coverage in place if
you can't pay the premiums.
(See "Non-forfeiture options".)