Glossary

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

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).

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

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.

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

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

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.

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.

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

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