A term used in schedule rating to describe a condition for which a penalty is applies, and which can usually be corrected. With the removal of the charge and condition there is a reduction of the Insurance rate.
Insurance Encyclopedia
Unsatisfied court judgments
An award of damages to an individual that remains unpaid. An employers’ liability policy pays for unsatisfied court judgments awarded against third parties in favour of employees injured in circumstances to which the ployers’ liability policy would have applied had the employer been the party liable. The insurer will pay the damages if they are unsatisfied six months after judgment provided no appeal is outstanding. It is a condition that the employee’s rights are assigned to the insurer. See REVERSE LIABILITY.
Unsatisfied judgment fund (UJF)
In some states a person who is injured in an automobile accident and who cannot collect from the person responsible may collect from a special fund.
Unsatisfied judgment fund (Vehicle Insurance)
A fund, mandated by law in certain states, that offers reimbursement to an individual injured in a car accident who cannot collect reimbursement from the responsible party.
Unscheduled premium payments (Life Insurance)
Extra payments made to supplement the regular premiums in a universal life policy. These payments can be made at any point in time but must meet a previously set minimum.
Unsecured debt
Obligation (amount owed) that is not secured or backed by any form of collateral.
Unspecified
See: not otherwise specified (NOS) and nonspecific code .
Unspecified working expenses
Expenses that are insured as a part of the gross profit item under a business interruption insurance. They relate to expenses that will continue despite the interruption in the business, e.g. rent and interest payments. See SPECIFIED WORKING EXPENSES.