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Glossary


Uberrimae fidei is a Latin phrase that means "in utmost good faith."

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The ultimate loss is the total sum the insured, its insurer(s), and/or its reinsurer(s) pay for a fully developed loss (i.e., paid losses plus outstanding reported losses and incurred but not reported losses).

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Ultimate net loss (UNL) is a term used to specify insured damages in an umbrella liability policy.

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Ultra vires acts are acts that are beyond the powers conferred upon a corporation by its charter or by the laws of its state of incorporation.

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An umbrella liability policy is a policy designed to provide protection against catastrophic losses.

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An unaffiliated business involves insureds not in the same corporate organization (less than 50 percent ownership) or not under common management control.

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Unallocated benefit refers to a provision in health insurance policies that provides for reimbursement of miscellaneous hospital expenses without regard to a schedule but subject to a maximum.

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Unallocated loss adjustment expense (ULAE) refers to all external, internal, and administrative claims handling expenses, including determination of coverage, that are not included in allocated loss adjustment expenses.

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An unauthorized insurer describes an insurer not licensed to write business in a particular state.

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Unbundling refers to the practice of separating risk handling and risk funding services either from a multiline insurer or from themselves.

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