Northwestern Mutual - The Miami Group
Ultimate Mortality Table
The mortality charges employed when the insured reaches the end of the "select" period after original underwriting.
Underwriter
An employee of a life insurance company whose job it is to evaluate the insurability and determine the classification of persons applying for insurance protection.
Underwriting
The process of determining a reasonable expectation of an applicant's death (mortality) or disability (morbidity) likelihood, for the purpose of issuing insurance.
Unified Credit
A credit available to every individual and applied against both gift and estate tax.
Uniform Resource Locator (URL)
The URL contains information about the method of access, the server to be accessed and the path of any file to be accessed.
Universal Life Insurance
A life insurance policy that combines term insurance and a side fund investment in one contract. Typical designs are interest-sensitive and allow for flexible premium payments which can be varied by the policyowner at will.
Unscheduled Premiums
Refers to unplanned or one-time lump sum CompLife premiums.
Urgent Notice
This notice is sent to policyowners or payors after the grace period has expired to ask for the premium payment needed to reinstate the policy.
This glossary is intended solely as an informal aid to understanding some terms commonly used in the sale of life insurance and annuity products. Definitions given do not modify or interpret the terms of any life, disability, or annuity contract issued by Northwestern Mutual.
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