Claims expenses of a general nature not directly attributable to specific claims. They include the salaries of claims personnel and the other costs of maintaining a claims department.
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Property/casualty expenses incurred in settling and investigating claims not directly assigned to specific claims or group of claims.
Insurance Encyclopedia
Unallocated Loss Adjustment Expenses Reserve
A liability as of a valuation date for Unallocated Loss Adjustment Expenses ULAE to be paid in the future on claims that have been incurred as of such date.
Unapproved scheme
Occupational pension scheme that is not approved by the Inland Revenue. It forgoes the tax advantages of approved schemes.
Unassigned claim
In Medicare and TRICARE programs, insurance claim submitted for a medical service or supply by a provider who does not accept assignment. The provider must bill the fiscal intermediary and the beneficiary must pay the provider for the service. Also see nonparticipating physician (nonpar) and nonparticipating provider (nonpar) .
Unauthorized Insurance
A Policy of Insurance written by a Company not licensed by a competent authority of the country in which the Policy has been sold. Insurance with a non-admitted Insurance carrier.
Unauthorized insurer
An insurer not licensed to write business in a particular state.
Unauthorized Reinsurance
See: Non-Admitted Reinsurance
Unbalanced Improvement
An improvement which is not the highest or best use for the site on which it is placed. The moral hazard and adverse selection may result from Insurance of unbalanced risks.
Unberthed Passenger
A passenger of the age of 12 years or upwards for whom no separate accommodation in any cabin, state room or, saloon is reserved and in the computation of passenger, two persons of the age of one year or upward and upper the age of 12 years shall be reckoned as one Unberthed passenger.
Unberthed Passenger Ship
Ship carrying more than thirty Unberthed passengers. Refer ‘Unberthed passenger.”