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ULTRAVIRES

It means outside ones jurisdiction. It is any financial action that is not covered legally under a companies laws. A third party can sue if this is mismanaged.

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ULTRONEOUS WITNESS

In Scotch law. A volunteer witness; one who appears to give evidence without being called upon. 2 Alis. Crim. Pr. 303.

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UMBRELLA FUND

Mutual fund investing in other funds. Also known as fund so funds.

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UMBRELLA LIABILITY COVERAGE

Policy of liability insurance covering claims not covered or in excess of cover amount under basic policy for liability.

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UMBRELLA POLICY

Additional insurance to cover specific liabilities or perils. It works with current insurance to fill gaps.

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UMBRELLA REINSURANCE

Insurance sought to cover liabilities above and beyone primary insurance. It can also be used to fill in the cracks of primary insurance. This coverage is more broad than primary insurance.

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UMPIRAGE

The decision of an umpire. The word "umpirage," in reference to an umpire, is the same as the word "award," in reference to arbitrators; but "award" is commonly applied to the decision of the umpire also.

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UMPIRE

When matters in dispute are submitted to two or more arbitrators, and they do not agree in their decision, it is usual for another person to be called in as "umpire," to whose sole judgment it is then referred. Brown. And see Ingraham v. Whitmore. 75 111. 30; Tyler v. Webb, 10 B. Mon. (Ky.) 123; Lyon v. Blossom, 4 Duer (N. Y.) 325. Un ne doit prise advantage de son tort demesne. 2 And. 38, 40. One ought not to take advantage of his own wrong. Una persona viz potest snpplere vices dnarnm. 7 Coke, 118. One person can scarcely supply the places of two. See 9 H. L. Cas. 274.

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UN RECOMMENDATIONS

Transport recommendations for dangerous goods. Class 1-explosives, Class 2- gases, Class-3 flammable liquids, Class 4-flammable solids, Class5-Infectious and toxic substances, Class 6-organic peroxides and oxidant substances, Class7-radioactive material, Class 8- Corrosive substances, Class9- miscellaneous dangerous substances. Developed by the UN in 1957.

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UNA VOCE

Lat. With one voice; unanimously; without dissent.

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UNABLE TO STAND TRIAL

the term that describes a person who is unable to defend himself in court as he is suffering from ill health or a mental incapacity.

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UNABSORBED COSTS

Unused part of manufacturing costs that can't be applied to earned income if level of production drops.

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UNABSORBED OVERHEAD

Indirect cost that can't be spread to a few customers but must be spread over all customers according to a measure of volume.

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UNACCOMPANIED BAGGAGE

A passenger's baggage that is sent separately as cargo and not as accompanied baggage.

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UNACCRUED

a the term that means it is not yet due.

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UNALIENABLE

Incapable of being aliened, that is, sold and transferred.

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UNALLOCATED BENEFIT

Benefit without a schedule of benefit that will pay out to a set amount.

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UNALLOCATED CLAIM OR LOSS EXPENSE

Expenses of the insurer that can't be charged to one specific claim.

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UNALLOCATED CONTINGENCY

Reserved that is set aside to cover uncertain costs of a project.

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UNALLOCATED FUNDS

Funds of a plan pooled together that are used to benefit all participants in the plan.

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