When a policy e.g., an Engineering policy provides services as well as insurance, and the insurer is willing to provide the services alone, they are said to be unbundled.
Insurance Encyclopedia
Unbundled life insurance policy
See: universal life insurance .
Unbundled services
Term that describes commercial insurance with no administrative services attached, or alternatively, administrative services from an insurer without insurance coverage. Unbundled services are frequently the domain of third party providers done on a contractual basis.
Unbundling
1. Practice of billing using numerous CPT codes to identify procedures normally covered by a single code; also known as itemizing, fragmented billing, fragmentation, exploding , or a la carte medicine . 2. Billing under Medicare Part B for nonphysician services to hospital inpatients furnished to the hospital by an outside supplier or another provider. Under the new law, unbundling is prohibited, and all nonphysician services provided in an inpatient setting will be paid as hospital services.
Uncertainty
the doubt in our minds concerning whether we can predict the future.
Unclaimed benefits
Insurance policy benefits when no payee can be located. When this situation occurs, the insurer holds the unclaimed benefits for 7 years and then turns them over to the state. The beneficiary’s last known address or state of domicile, whichever is known, applies.
Unclaimed property statutes
State laws that regulate the disposition of funds when the owner cannot be located. When this situation occurs, the insurer holds the unclaimed benefits for 7 years and then turns them over to the state. Also known as escheat laws . See also unclaimed benefits .
Unclean Bill of Lading
A bill containing reservations as to the good order and condition of the goods, or the packaging, or both. Examples, “bags torn” “drums leaking”, “one case damaged”, “rolls chafed.”
Uncompensated care
Billed medical services provided to patients by physicians and hospital facilities for which no payment is received from third-party payers or patients (e.g., charity care, bad debtors).
Under Average Risk
A risk that is considered below the normal standard of its class for the purpose of insurance.