Category: U

Seeming to be everywhere or existing everywhere; omnipresent.

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

Passenger’s personal effects kept with them during a flight.

Person without adequate cover for a loss or a damage or who cannot meet a requirement of co-insurance.

Maximum amount of loss exposure insured by the insurer.

Intended shipment recipient that is not the agent or bank where it is consigned to for purpose of delivery.

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

Money in an inactive bank account that after 5 years is considered an abandoned account and property goes to the state under escheat laws. See dormant bank account.

Section of an automobile insurance policy covering damage caused by another insured motorist with insufficient money to pay damages.

Fee charged by mortgage lender’s to verify loan application information and to make the final decision on loan approval.

Individual or group that consumes services and goods.

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

Cheque still passing through a clearing cycle. See nucleated effects.

Automobile insurance cover that pays if a driver found to liable can’t pay all he is liable to pay.

Loss experienced or profit gained from a policy for insurance.

Load of the absolute maximum a structure can bear without it failing.

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

Drafts and cheques deposited by a customer but have not been cleared or paid by the writer of the cheque, or money is not in depositor’s account yet. Also known as uncollected

Situation where a plant or machine runs at less than its full capacity in order to accommodate production rate or time for processing.

Underwriter’s group existing temporarily and banks formed for marketing new bonds or shares that is too big for one body to handle it. Also known as underwriting group.