U

“U”

UI
See unemployment insurance. Also used by computer professionals to refer to the User Interface.
Unallocated benefit
A health insurance policy provision providing reimbursement up to a maximum amount for the cost of all extra, miscellaneous hospital services but not specifying how much will be paid for each type of service.
Unallocated contract
A contract with an insurance company whereby premiums deposited with the insurance company by the plan sponsor are accumulated in an unallocated fund. Such premiums are commingled with the insurance company’s other assets and are not allocated to specific plan participants; instead, they are used to pay retirement benefits directly or to purchase annuities (an allocated contract) when participants retire. Because the insurance company does not provide retirement annuity policies for active plan participants, it does not guarantee that enough premiums will be deposited to provide for retirement benefits as they become due.
Unallocated funding instruments
Arrangements such as deposit administration contracts, immediate participation guarantee contracts, and trust funds.
Underwriter
The person who reviews the application for insurance and decides if the application should be accepted and at what premium rate.
Underwriting
The process by which an insurance company determines whether it can accept an application for insurance and, if so, on what basis.
Unemployment Insurance (UI) or Unemployment Compensation
State-administered programs that provide financial protection for workers during periods of involuntary joblessness.
Unisex rates
Insurance rates that are the same for both sexes.
Unfunded
The portion of the costs of a pension plan or its actuarial liabilities that has not been paid to a funding agency.
Unfunded past-service cost
A misnomer sometimes used to refer to the initial supplemental liability that is the difference between the projected benefits liability and the actuarial present value of the future normal costs under the actuarial valuation cost method that is selected for the plan.
Unfunded prior-service cost
The difference between the historically computed accrued liability and the accrued liability as of the date of a plan amendment.
Unfunded projected benefit obligation
The excess of the projected benefit obligation over pension plan assets at fair value, as calculated with respect to Statement of Financial Accounting Standards No. 87.
Unit benefit method
A funding method in which the amount that must be contributed for an employee to purchase a given unit of benefit at retirement age varies according to the employee’s current age.
Unit Benefit Plan
A retirement plan with benefits expressed as a definite amount or percentage for each year of service with the employer.
Unit credit method
See accrued benefit cost method.
United States Code
Federal statutes enacted by Congress and signed by the President (or passed over the President’s veto) are compiled into the United States Code (U.S.C.). The US Code, organized by topics into a series of titles, numbered from 1 (General Provisions) through 50 (War and National Defense), contains nearly all statutes of general effect at the time of its compilation. The most recent version of the Code released by the US Government Printing Office in digital form carries a cutoff date of January 16, 1996. For more recent enactments one must turn to the uncompiled statutes in the form passed by Congress. See the US Code here.
Universal life insurance
A flexible premium life insurance policy under which the policyholder may change the death benefit from time to time (with satisfactory evidence of insurability for increases) and vary the amount or timing of premium payments. Premiums (less expense charges) are credited to a policy account from which mortality charges are deducted and to which interest is credited at rates that may change from time to time.
Unreasonable or excessive compensation
A level of executive compensation in privately held or closely held companies subject to Internal Revenue Service investigation as a distribution of profits rather than salary.
USC
USC – See United States Code
Utilization review (UR)
A systematic study of the appropriateness of health care treatments and charges, including the necessity of treatments, the appropriateness of the institution providing care, and the timeliness of discharge.    

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