1 2 3 4 5 7 8 A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
U. U1 U2 U3 U4 U5 U6 U7 U8 U9 Ua Ub Uc Ud Ue Uf Ug Uh Uj Uk Ul Um Un Up Uq Ur Us Ut

Unlimited liability

A situation where an individual such as a sole trader or partner is liable to the full extent of his personal wealth for business debts. Contrast with a shareholder of a company whose liability is limited to the capital he has agreed to subscribe. Names at Lloyd’s have unlimited liability. The intention is to switch all Lloyd’s underwriting capacity to corporate members.
***
Requirement that the owner or owners assume full responsibility for all losses or debts of a business.

Unlisted procedure code

Current Procedural Terminology (CPT) code that identifies and has a description of a procedure that is rarely provided, unusual, variable, or new and for which a code does not appear in the code book. Such a code typically ends in 99. A report or documentation needs to be submitted with the insurance claim form to explain the procedure in more detail when using an unlisted procedure code.

Unmarried

In a managed care contract, a hospital facility and a managed care plan that work with each other but are not exclusive to each other. Also see married .

Unoccupancy clause

Household insurance clause defined in terms such as ‘your home has not been lived for more than 60 consecutive days. Cover is restricted and may be subject to regular visits by the insured as well as central heating being turned off or drained. Under commercial policies the requirements vary, but, as a minimum, cover will not operate if, without the insurer being informed, premises are left unoccupied or unused for 30 consecutive days. Some policies make special requirements as to water supply and may call for minimum temperature 10°C during the winter, or for the services to be shut down.

Unoccupied

A classification of property, referring to property not occupied by people, but may have furniture inside. This is a different classification than vacant, which means nothing inside the property.
***
Description of property in which no one is living although it may be furnished or have furnishings. The standard Fire Policy suspends coverage after continuous un-occupancy beyond a specified period of time.
***
Where the premises contain contents but no human beings, such persons being temporarily away from the premises, on vacation for example, the premises are said to be unoccupied. This is distinguishable from vacant in that in vacancy, the contents have been moved out leaving nothing but the building.