Glossary

The Unified Carrier Registration Agreement (UCRA) replaced the Single State Registration System (SSRS), which officially ended as of January 1, 2007, for interstate motor carrier registration across multiple states. Interstate motor carriers of all types are subject to UCRA registration. Proof of registration will not be carried in the motor vehicle but will be available electronically to those charged with enforcing the registration requirement.

The Uniformed Services Employment and Reemployment Rights Act (USERRA) of 1994 is a federal law intended to ensure that persons who serve in "uniformed services" (1) are not disadvantaged in their civilian careers, (2) are promptly reemployed in their civilian jobs, and (3) are not discriminated against in employment. Essentially, the Act requires employers to allow those who have served on active duty to go back to the same job and at the same pay after they return from such active duty service. The Act does, however, contain two important exceptions for employers under which employers are not required to reemploy a service man or woman, specifically when (1) the employer experiences "changed circumstances" (e.g., during a company-wide layoff) and (2) when there is "undue hardship" (e.g., the employer is facing severe financial difficulties).

Uniform Task Based Management System (UTBMS) was established by the American Bar Association in 1994 with the assistance of PriceWaterhouse and the American Corporate Counsel Association (ACCA) to provide a tool to help determine exactly where legal dollars are being spent.

A unilateral contract is one in which only one party makes an enforceable promise. Most insurance policies are unilateral contracts in that only the insurer makes a legally enforceable promise to pay covered claims. By contrast, the insured makes few, if any, enforceable promises to the insurer. Instead, the insured must only fulfill certain conditions—such as paying premiums and reporting accidents—to keep the policy in force.

The unilateral extended reporting period provision is found in a claims-made policy and allows the insured to purchase an extended reporting period (ERP) only if the insurer decides to cancel or nonrenew the policy. This is also known as a "one-way" extended reporting provision.

Unimpaired surplus, in a stock insurance company, is the equity above the statutory minimum capital and not used for collateralization of assumed risk or otherwise pledged in support of the insurer's or an affiliate's business activities. For a mutual insurer, it is funds not allocated as collateral, loss, or premium reserves nor intended for distribution to members.

Uninsured motorists (UM) coverage applies to bodily injury and, in some states, property damage incurred by an insured when an auto accident is caused by a motorist who is not insured. This coverage allows an insured to collect from their insurer as if it provided liability coverage for the negligent third party.

Unit statistical card, also known as a "stat card," is the instrument that provides the National Council on Compensation Insurance with necessary payroll and loss information to establish experience modifications. The payrolls reported on the unit stat cards are final audited payrolls by classification for each policy period. Also included are rates, premium, and experience modification used for that policy period and premium discount applied.

A universal life insurance policy is considered "unbundled" life insurance because there is a clear equation for how the premium is used. The premium is paid into the policy. Interest is paid on the amount of money accumulated in the policy. From that accumulation of money is deducted the mortality cost and the cost of any policy rider provisions. The mortality cost increases with age as do term insurance premiums. The premium is usually flexible within limits, and the policy will continue as long as there is sufficient money in the policy to pay the mortality and other rider costs.

Unladen liability is used in motor carrier/trucking terminology to refer to liability coverage while a truck is operated with an attached empty trailer that is not hauling cargo (i.e., deadheading) or without any trailer (i.e., bobtailing), regardless of whether the truck is dispatched or not. This term is often used interchangeably with "bobtail" or "nontrucking liability," but unladen liability has a broader scope since it includes both liability for deadheading or bobtailing regardless of dispatch status.