Insurance Terms - U
ultimate net loss (UNL) - (a term used to specify insured damages in an umbrella liability policy - will depend on how a policy defines what is included)
umbrella liability policy (UL) - (insurance policy designed to provide protection against catastrophic losses - generally is written over (provides additional coverage) various primary liability policies)
unallocated loss adjustment expense (ULAE) - (all external, internal, and administrative claims handling expenses, including determinations of coverage, that are not included in allocated loss adjustment expenses (ALAEs))
underground storage tank (UST) -
underinsured motor vehicle (UIMV) - (motor vehicle being driven by a motorist who is not sufficiently insured)
underinsured motorist coverage (UIM) - (insurance coverage for bodily injury (BI) and, in some states, property damage (PD), incurred by an insured when an accident is caused by a motorist who is not sufficiently insured)
Underwriters Adjusting Company (UAC) -
Underwriters Adjustment Bureau (UAB) -
Underwriters Laboratories, Inc. (UL) - (Nonprofit corporation, formed in 1894, which set standards and conducted testing of fire and electrical products. In 2012 it was reorganized as a for-profit company named UL, LLC, and in 2022 was reorganized as an enterprise with three separate organizations.)
Underwriters Laboratories of Canada (ULC) -
unearned premium (UP) (also UEP) - (that portion of an insurance policy premium that has not yet been "earned" by the company because the policy still has some time to run before expiration - a property or casualty insurer must carry all unearned premiums as a liability in its financial statements)
unearned premium reserve (UEPR) (also UPR) - (an insurer's liability for its unearned premium as of any given valuation date)
unemployment compensation disability insurance (UCD) - (health insurance that covers off-the-job accidents and sickness - it does not cover disability resulting from injury or sickness covered by workers' compensation insurance)
unemployment compensation insurance (UCI) - (federal/state insurance program which provides payments to workers who are temporarily unemployed)
Unified Carrier Registration Agreement (UCRA) - (a motor carrier registration plan that replaces the Single State Registration System (SSRS) which officially ended as of January 1, 2007 and which requires interstate motor carriers of all types to register, but which provides a national database showing registration and proof of insurance)
Uniform Commercial Code (U.C.C.) - (standardized set of business laws governing commercial transactions that has been adopted by most states)
Uniform Fraudulent Transfer Act (UFTA) -
Uniform Resource Locator (Universal Resource Locator) (URL) - (the address used to identify the location of websites, Web pages, and other resourcces on the World Wide Web)
Uniform Task Based Management System (UTBMS) - (system created by the American Bar Association (ABA) in 1994 to provide a tool to help determine exactly where legal dollars were being spent)
Uniform Transfers to Minors Act (UTMA) - (act which permits a life insurance compnay to transfer the death benefit from the policy to the custodian of a minor beneficiary provided the beneficiary designation has specifically nominated the custodian to receive the death benefit on behalf of the minor)
Uniformed Services Employment and Re-Employment Rights Act of 1994 (USERRA) - (provision of federal statute prohibiting discrimination against members of the military on leave from civilian jobs by protecting their civilian rights - requires re-employment by employers on return from military service)
uninsured motor vehicle (UMV) - (motor vehicle being driven by a motorist who is uninsured)
uninsured motorist coverage (UM) - (insurance coverage for bodily injury (BI) and, in some states, property damage (PD) incurred by an insured when an accident is caused by a motorist who is not insured)
uninsured motorist property damage (UMPD) - (insurance coverage (or the damages), in some states, for property damage (PD) incurred by an insured when an accident is caused by a motorist who is not insured)
uninterruptible power system (supply) (UPS) - (a power supply that uses batteries to continue providing electricity to a computer for a few minutes or hours in the event of a power failure)
unit investment trust (UIT) - (an investment company that invests on behalf of investors in a portfolio of securities, such as stocks and bonds)
United States Aircraft Insurance Group (USAIG) - (a group of insurers providing facilities for all forms of aviation insurance)
U.S. Department of Agriculture (USDA) - (cabinet-level federal agency with responsibility for farming and agricultural issues, providing assistance to farms, and promoting agricultural interests)
United States Government Life Insurance (USGLI) - (life insurance program for U.S. military personnel established in 1919 - replaced by the National Service Life Insurance (NSLI) in 1940)
U.S. International Trade Commission (USITC) -
United States Longshore and Harbor Workers' Compensation Act of 1927 (USL&HW) (LHWCA) - (a federal law that provides no-fault workers compensation benefits to employees other than masters or crew members of a vessel injured in maritime employment - generally, in loading, unloading, repairing, or building a vessel)
Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act) - (federal legislation which expanded the intelligence gathering authority of law enforcement agencies, and provided that the Secretary of the Treasury could establish lists of known or suspected terrorists and terrorist organizations)
University Risk Management and Insurance Association (URMIA) -
unrelated business income tax (UBIT) - (tax paid on income earned by an affiliate)
unrelated business taxable income (UBTI) - (income of an affiliate which is considered taxable)
unsatisfied judgment fund (UJF) - (money set aside in some states to pay otherwise uncompensated bodily injury claims to innocent victims of automobile accidents)
upper explosive level (UEL) -
use and occupancy insurance (U&O) - (a term that was once used to refer to the coverages later known as business interruption insurance and now called business income coverage, although still used to refer to such loss of earnings in boiler and machinery insurance)
Usual, Customary, and Reasonable Charges (UCR) - (limits on reimbursement which an insurance company may impose - in health insurance a doctor will be reimbursed for services so long as the charge for the service is reasonable or does not exceed charges for the same service by other physicians in the area)