an amount representing a pro rata spread of premiums (sometimes less acquisition costs) carried forward from one accounting period to the next in recognition of the unexpired period of contracts remaining at the balance sheet date.
Insurance Encyclopedia
Unearned Reinsurance Premium
That part of the reinsurance premium applicable to the unexpired portion of the policies reinsured.
Unearned reinsurance premium (Reinsurance)
The fraction of a premium which applies to the part of the policy which has been reinsured.
unemployment compensation disability (UCD)
Insurance that covers off-the-job injury or sickness and is paid for by deductions from a person’s paycheck. This program is administered by a state agency and is sometimes also known as state disability insurance (SDI) and unemployment disability compensation (UDC) .
Unemployment compensation disability insurance (Health Insurance)
A type of health insurance that includes coverage for sickness or accidents that do not occur in the workplace. This type of insurance does not cover any injury that would be covered by workers compensation insurance.
Unemployment insurance
An insurance regulated and administered by the government which covers those who have lost their income due to involuntary unemployment. To qualify for coverage under this insurance, a person must work a predetermined length at a qualifying job and earn a minimum amount of compensation.
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Insurance that pays an income to qualified individuals who are unemployed, recipients must usually demonstrate their ability, availability and willingness to work as a condition of receiving benefits.
Unenforceable contract
A contract defective only in the sense that it cannot be enforced by direct legal action. The contract is otherwise valid and subsisting, so a transferee of property gains a good title and any deposit paid may be retained. A contract of fidelity guarantee not in writing would be unenforceable (the Statute of Frauds).
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This is one, which lacks some evidential features. The contract is a valid one otherwise, but could not be enforced in a court of law.
Unexpired risk reserve
Provision to safeguard the insurer against any deficiency in the unearned premium reserve. The risk reserve also allows for possible claims under contingency policies that run in perpetuity and do not lend themselves to annual apportionment.
Unexpired Risk Reserves
Funds set aside by Insurers to cover potential liabilities on policies still in force at the end of the accounting year.
Unexpired risks provision
(1) a provision for claims expected to arise in respect of the unexpired period of contracts in existence at the balance sheet date; (2) the excess of the amount of unexpired risks over the unearned premiums.