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Term Definition
U&O use and occupancy
UBIT unrelated business income tax
UBTI unrelated business taxable income
UCC Uniform Commercial Code
UCD unemployment compensation disability
UCI unemployment compensation insurance
UCR usual, customary, reasonable (reimbursement)
UCRA Unified Carrier Registration Agreement
UEL upper explosive level
UEP unearned premium
UIM underinsured motorist
UIMV underinsured motor vehicle
UJF unsatisfied judgment fund
UL umbrella liability; Underwriters' Laboratories
ULAE unallocated loss adjustment expenses
ULC Underwriters Laboratories of Canada
UM uninsured motorist
UMBRELLA POLICY

Coverage for losses above the limit of an underlying policy or policies such as homeowners and auto insurance. While it applies to losses over the dollar amount in the underlying policies, terms of coverage are sometimes broader than those of underlying policies.

UMPD uninsured motorist property damage
UMV uninsured motor vehicle
UNBUNDLED CONTRACTS A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract.
UNDERINSURANCE

The result of the policyholders 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.

UNDERWRITING Examining, accepting, or rejecting insurance risks and classifying the ones that are accepted, in order to charge appropriate premiums for them.
UNDERWRITING INCOME

The insurers profit on the insurance sale after all expenses and losses have been paid. When premiums are not sufficient to cover claims and expenses, the result is an underwriting loss. Underwriting losses are typically offset by investment income.

UNEARNED PREMIUM The portion of a premium already received by the insurer under which protection has not yet been provided. The entire premium is not earned until the policy period expires, even though premiums are typically paid in advance.
UNINSURABLE RISK

Risks for which it is difficult for someone to get insurance. (See Insurable risk)

UNINSURED MOTORISTS COVERAGE Portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers.
UNIVERSAL LIFE INSURANCE

A flexible premium policy that combines protection against premature death with a type of savings vehicle, known as a cash value account, that typically earns a money market rate of interest. Death benefits can be changed during the life of the policy within limits, generally subject to a medical examination. Once funds accumulate in the cash value account, the premium can be paid at any time but the policy will lapse if there is not enough money to cover annual mortality charges and administrative costs.

UNL ultimate net loss
UP unearned premium
UPR unearned premium reserve
UPS uninterruptible power system
URL uniform resource locator
URMIA University Risk Management & Insurance Association
USDA U.S. Department of Agriculture
USERRA Uniformed Services Employment and Reemployment Rights Act of 1994
USGLI U.S. Government Life Insurance
USITC U.S. International Trade Commission
USL&HW United States Longshore and Harbor Workers (Compensation Act)
UST underground storage tank
UTBMS Uniform Task Based Management System
UTILIZATION REVIEW See Medical utilization review

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