What is the Definition of Underinsurance?

What is the Definition of Underinsurance?

The result of the policyholder’s failure to buy sufficient insurance. An underinsured policyholder may only receive part of the cost of replacing or repairing damaged items covered in the policy.

Source: Insurance Handbook A guide to insurance: what it does and how it works | https://www.iii.org/

Label: Insurance
Theme: Dictionary of Insurance Terms

Other Questions: What is the definition of Annuity?

What is the Definition of Underinsurance?

You can find random definition and meaning of insurance terms below:

What is the meaning of Insurance Regulatory Information System (IRIS)

a baseline solvency screening system for the National Association of Insurance Commissioners (NAIC) and state insurance regulators established in the mid-1970s.

What is the meaning of Insurer

an insurer or reinsurer authorized to write property and/or casualty insurance under the laws of any state.

What is the meaning of Intermediary

a person, corporation or other business entity (not licensed as a medical provider) that arranges, by contracts with physicians and other licensed medical providers, to deliver health services for a health insurer and its enrollees via a separate contract between the intermediary and the insurer.

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