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Underlying Premium

See: Base Premium, Premium Base, Subject Premium.
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A ceding company’s premium to which the reinsurance premium rate (factor) is applied to produce the reinsurance premium. In other words, the reinsurance premium is a percentage of the ceding company’s premium.

Underwriting Year Experience

See: Basis of Attachment.
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Simplistically, the segregation of all premiums and losses attributable to policies having an inception or renewal date within a given 12 month period.
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Underwriting result based on written premiums and ultimate losses from loss events falling within the same accounting period, where the accounting period is the period covered by the insurance policy or reinsurance agreement, regardless of when the premiums and losses are actually reported, booked, or paid. See Accident year experience and Calendar year experience. Underwriting losses are typically offset by investment income.

Unearned Premium Insurance

See: Aviation Unearned Premium INSURANCE.
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Insurance against loss by the insured of unearned premium due to payment of a claim made prior to the end of the term for which the premium was paid. A loss on the second day of a Policy written for a year would have the effect of being expenses over an eleven month period, during which time the Insurance Company would not be insuring the risks since the risk did not exist any longer and thus it would be unearned.