After the insured has paid the premium or premium installment and the insured has paid the premium or premium installment and the contract has gone into effect, only the Insurer can be forced to perform, because the insured has fulfilled his promise to pay the premium. This, Insurance contracts are unilateral contracts.
Insurance Encyclopedia
Uninsurable
Entity that fails to meet the requirements of an insurable risk and falls outside the parameters of risk coverage using standard underwriting practices (e.g., high-risk individuals).
Uninsurable risk
A risk that cannot be insured because an essential condition is not present. It may: (a) lack insurable interest; (b) defy quantification; (c) entail widespread losses (e.g. war damage to property on land); (d) create excessive cost; (e) be speculative; (f) may reflect certainty rather than uncertainty; (h) be contrary to public policy.
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An uninsurable risk is one that is literally uninsurable because loss is certain rather than possible.
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An uninsurable risk is one which is literally uninsurable because loss is certain rather than possible.
Uninsurable risk class
Category of individuals who have such a high risk of loss that an insurance company will not insure them.
Uninsured
Individuals who have no health insurance coverage either privately or via state or government programs.
Uninsured drivers
Drivers not covered by third party insurance as required by the Road Traffic Act 1988. Their injured victims can secure compensation under the Uninsured Driver Agreement 1999. The Third Motor Insurance Directive 90/232 requires the victim to bear the first £175 of property damage, but there is no recovery for a person who knowingly enters an uninsured or stolen vehicle.
Uninsured Drivers’ Agreement 1999
Agreement between the Motor Insurers Bureau and the government whereby the MIB compensates the victims of negligent uninsured drivers who had no insurance or only defective insurance. In the latter instance the vehicle insurer deals with the victim’s claim but has a right of recovery against the negligent motorist. See UNTRACED DRIVERS AGREEMENT.
Uninsured losses/uninsured loss recovery
Losses not covered by a first party insurance such as an accidental damage excess under a comprehensive car insurance and cost of hiring an alternative car. The losses may be recoverable from a negligent third party.
Uninsured Motorist Bodily Injury
Will pay you and your passengers for bodily injury cause by a negligent uninsured motorist, a hit-and-run driver, or by a driver whose insurer is insolvent.
Uninsured motorist insurance
1. Insurance coverage for damages as a result of an accident involving a hit-and-run driver or a driver who does not have insurance. 2. Under Medicare Secondary Payer guidelines, this is described as liability insurance under which the policyholder’s insurer pays for damages caused by a motorist who has no automobile liability insurance, carries less than the amount of insurance required by law, or is underinsured.