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General Insurance

Unearned Premium

The portion of a premium that a company has collected but has yet to earn because the policy still has unexpired time to run.

Unenforceable Contract

The contract, though a valid one cannot be enforced in a court of law because of lack of some evidential features.

Uninsurable Risk

That which is not acceptable for insurance due to excessive risk.

Void Contract

A contract obtained by fraud is a void contract. It is not a contract at all. Under this there cannot be any action as no rights or obligations are cast on the parties to the contract.

Voidable Contract

A contract, which is valid until it is treated as void by the aggrieved party, is a voidable contract. Obviously in such an event the insurer would be the aggrieved party and has the option to repudiate liability.

Weekly benefits (under personal accident)

They are paid for the period of temporary total disablement following an injury.

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