Financial account created by a union and one or more employers to which employers may contribute so that group benefits are available to the members of the union. Also called union welfare trust .
Insurance Encyclopedia
union welfare trust
See: union welfare fund .
unique physician/practitioner identification number (UPIN)
Six-character, alphanumeric number issued by the Medicare fiscal intermediary to each physician who rendered medical services to Medicare recipients; required for identification purposes on the CMS-1500 claim form. It tracked payments and utilization information of each provider. UPINs have been replaced by national provider identifiers (NPIs). See national provider identifier (NPI) .
Unistatus annuity rates
Same rates regardless of marital status, gender or having dependants or not.
Unit allocation
In a unit-linked insurance contract, it is the percentage of the premium that is used to buy units. It varies according to the charging structure of the policy and the age of the policyholder.
Unit benefit formula
Method for calculating benefits for a defined benefit pension plan based on either years of service or years of service and earnings.
Unit benefit plan
Retirement plan in which a specific period of retirement income (dollar amount or percentage) is credited to an employer for each year of service with the employer.
Unit input intensity allowance
Amount added to, or subtracted from, the hospital input price index to yield the prospective payment system (PPS) update factor.
Unit investment trust (Pensions)
A company investors use to invest in securities. This trust holds assets for the investors but does not do any management duties.
Unit owners excess coverage
This type of insurance expands a condo unit owner’s insurance coverage to include damage or loss to alterations, fixtures, and improvements within individual units owned by the unit owner, caused by the insured perils. This includes damage to air conditioners, clothes washers, clothes dryers, cooking ovens, cooking ranges, dishwashers, floor coverings, countertops, kitchen cabinets, refrigerators, and freezers. This coverage applies only as excess insurance over any other valid and collectible insurance that would apply in the absence of this policy.