A provision that permits unpaid premiums to be taken from claim payments.
Insurance Encyclopedia
Unplanned risk assumption Risk
assumption that is not the result of a conscious decision. Risks are assumed inadvertently and are usually inconsequential.
Unprocessable claim
Insurance claim transmitted to an insurance carrier that cannot be processed due to missing, certain incomplete, or incorrect information.
Unprotected
A property located in an area not regularly serviced by a fire department.
Unproved procedures
See: experimental procedures .
Unqualified plan (Pensions)
A plan that does not qualify for certain tax advantages set forth within the Code.
Unrecovered damages
Damages awarded by the court against a defendant who has failed to pay. Reverse liability and unsatisfied court judgments are insurance solutions to this problem.
Unrepaired damage
If a damaged ship is not repaired, and has not been sold, then, when cover expires, the insured can claim the reasonable amount of depreciation resulting from the unrepaired damage not exceeding the cost of repairs of the damage (Marine Insurance Act 1906, s.69(3)). If an unrepaired vessel later becomes a total loss by an insured peril during the same policy term, the insurer is liable for the total loss only (s.77(2)). If the total loss occurs in a subsequent period, the insured is able to recover both the unrepaired damage and the total loss if both are caused by insured perils.
Unrepaired Damage for Marine Hull
The clause reads : The measure of indemnity in respect of claims for unrepaired damage shall be the reasonable depreciation in the market value of the time this insurance terminates arising from such unrepaired damage, but not exceeding the reasonable cost of repairs.In no case shall the Underwriters be liable for unrepaired damage in the event of a subsequent total loss (whether or not covered under this insurance) sustained during the period covered by this insurance or any extension thereof.The Underwriters shall not be liable in respect of unrepaired damage for more than the insured value at the time this insurance terminates.Unreported Claims : A reserve, based on estimates, to set up claims that have occurred but have not yet been reported to the insurer as of the time when either the policy has expired or the insurer is preparing its annual statement. See Also: “IBNR – Incurred but not reported.”
Unreplaced blood
In the Medicare program, a beneficiary who receives blood may either restore the blood or pay the provider’s charges for the unrestored blood. Blood is replaced on a pint-for-pint or unit-for-unit basis.