This type of insurance expands a condo unit owner’s insurance coverage to include damage or loss to alterations, fixtures, and improvements within individual units owned by the unit owner, caused by the insured perils. This includes damage to air conditioners, clothes washers, clothes dryers, cooking ovens, cooking ranges, dishwashers, floor coverings, countertops, kitchen cabinets, refrigerators, and freezers. This coverage applies only as excess insurance over any other valid and collectible insurance that would apply in the absence of this policy.
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Unit per day (unit/day)
Standard measurement of medical care on a referral (e.g., inpatient hospital stays are measured in days, mental health or office visits are measured in units).
Unit time
See: floor time .
Unit trust
Collective investment where investors (unitholders) obtain an interest in a fund by purchasing units from the managers knowing that they can resell their units to the managers at a price reflecting the stock market’s value of the trust’s investments on the day. FSA authorised trusts are empowered to sell units directly to members of the public. Many unit trust schemes are unit-linked life insurance schemes. See UNIT TRUST SECTORS. (Visit www.investmentfunds.org.uk).
Unit trust sectors
For purposes of performance comparison, UK unit trusts are divided into sectors according to their investment objective. For example, the Income Funds sector’s objective is ‘immediate income, the Growth Sector seeks capital protection while the Specialist Fund sector provides options for investors who want to invest in a single country, e.g. Japan, or pursue a single theme, e.g. technology.
Unit-linked annuity
Annuity where the payment to the annuitant is linked to the performance of underlying assets, e.g. a particular investment fund. Performance depends on current investment market conditions. A pension scheme member taking a particular view on the value of the underlying assets could opt for such an annuity.
Unit-linked assurance
long term business with an investment content whose return is linked to the performance of investments (or an index of them) comprised in a fund divided into units.
Unit-linked life insurance
Life policy in which profits depend on the performance of units in an invested fund. Part of the premium purchases guaranteed life cover but most is invested in a fund that invests in unitised funds. The policyholder’s investment is expressed in units of the underlying investment vehicle and their value can rise or fall. At maturity the policyholder receives the net value of all units purchased for him or the units themselves.
United Nations Centre for Facilitation of Procedures and Practices for Administration, Commerce, and Transport
International organization dedicated to the elimination or simplification of procedural barriers to international commerce.
United Nations Rules for Electronic Data Interchange for Administration, Commerce, and Transport (EDIFACT)
International electronic data interchange (EDI) format. Interactive X12 transactions use the EDIFACT message syntax. Also see Electronic Data Interchange for Administration, Commerce and Transport (EDIFACT) .