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Ultimate Net Loss : Used in excess of loss reinsurance for total amount paid by the ceding company during settlement of liabilities, other expenditures that exclude office expenditures, salaries, after reducing recoveries/salvage and other reinsurance recoveries

Ultimate Net Loss Clause : Clause in the excess of loss reinsurance plan implying total sum actually paid by the reinsured for settling the losses including loss expenditures, salvage, and recoveries and including recoveries from the treaties shall be insured for the benefit of the excess of loss coverage

Ultra Vires : Beyond the authority or power

Unfair or misleading advertisement : Advertising that does not clarify the product as insurance in clear terms; makes claims that are beyond the policy; describes benefits that are not matching to provisions in the policy; provides information in misleading way; or any other instance that provides inaccurate or false information

Unallocated Benefit : Policy provision offering reimbursement to a maximum amount for the cost of all additional miscellaneous hospital services but does not specify the amount that will be paid for each kind of service

Underinsurance : Inadequate insurance cover related to the insured property; results in claim admitted under the plan being reduced proportionately

Underlying limit :  Used in excess of loss treaty/treaties and specifies the limit to which ceding company can bear the loss/es due to single occurrence or event prior to the invoking of the recovery from the reinsurance provider

Underwriter : An insurer or official in the insurance company with the primary responsibility of performing the underwriting functions for determining whether proposed risk is insurable and if so then the rate and other terms and conditions

Underwriting : Procedure of examination of the proposal, arranging risks inspection/s, fixing rate of premiums, terms and conditions of coverage, rejecting uninsurable risks with the primary aim of ensuring risks spread within large group of insured's in a way that is equitable for insuring the community and profitability for the insurance provider

Underwriting Loss : Shortfall resulting post the payment of claims and expenditures against the received premium

Uninsuradle Risk :  Risk that is not acceptable for insurance coverage due to its extensiveness

Umbrella Liability : Insurance cover for losses exceeding the amounts covered by other liability insurance plans also provides protection to insured in several situations not covered under regular liability plans

Underwriting Profit or Loss :  Amount of money that an insurer gains or loses due to its normal operations; excludes investments and federal income taxes

Unearned Premium : Portion of premium that an organization has collected but still needs to be earned as the policy has unexpired time to run

Unified Credit :  Single time credit available to every person's estate; credit is also useable for payment of gift taxes during the person's lifetime

Uniform Premium : Rating structure whereby single premium is applicable to all insureds irrespective of age, gender, or occupation

Uniform Provisions : Statutory policy provision/s in health insurance plans that specify some rights and obligations of the organization and company; these along with certain modifications comprise insurance laws

Universal Life Insurance :  Flexible premium on life insurance plan whereby the policyholder may modify death benefit from time to time (providing adequate evidence of insurability) and vary the sum or timing of the payment of premiums; premiums that are lower than expenses are credited to the policy account from where the mortality charges are deducted and interest credited at rates that may change over a period of time

Umbrella Liability Policy : Liability insurance plan providing liability protection beyond and above what is provided under the standard liability contracts
 

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