Type of rating system in which one premium is applicable for all insureds regardless of age, sex, or occupation.
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Uniform premium (Health Insurance/Life Insurance)
A type of rating system used to determine premium amounts. This system does not consider the insured’s age, occupation, or gender.
Uniform Provision
A set of provision, the wording of which is specified by law, which must be included in certain policies issued in a jurisdiction requiring the use of the uniform provisions.
Uniform provisions (Health Insurance)
Provisions recommended by the National Association of Insurance Commissioners and mandated by law in almost all areas. These provisions set forth the conditions for individual medical policies, which were developed by the NAIC.
Uniform rate
See: flat rate .
Uniform Simultaneous Death Act
Federal legislation passed by some states in the United States to alleviate problems of simultaneous death unless the will specifies what to do under simultaneous death. If the insured and beneficiary die together, the insurance company pays the secondary or contingent beneficiary. If the policy owner has not named a secondary beneficiary, the payment goes to the insured’s estate.
Uniform simultaneous death act (Life Insurance)
A law that details how insurers will proceed should their insured and the insured’s beneficiary both die in the same accident, in such a manner that it is impossible to determine which one died first. In such a situation, the insured will be presumed to have died first, and the insured’s contingent beneficiary will receive any benefits the insured had left to the beneficiary.
Uniformed services
Government and international organizations (e.g., U.S. Air Force, U.S. Army, U.S. Coast Guard, U.S. Marines, U.S. Navy, U.S. Public Health Service, National Oceanic and Atmospheric Administration, North Atlantic Treaty Organization).
Unilateral
Involving only one side.
Unilateral contract
Type of agreement in which only one of the parties is legally required to carry out the terms. Insurance contracts are unilateral because the insurance company promises benefits and only the insurer can be charged with breach of contract.
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A contract where only one of the parties makes a promise that is legally enforceable. An insurance contract qualifies as a unilateral contract because the insurer is the only one to make a promise.
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A contract such as an insurance policy in which only one party to the contract, the insurer, makes any enforceable promise. The insured does not make a promise but pays a premium, which constitutes his part of the consideration.