Category: U

Contract for purchase of securities between the underwriter and the issuer of bonds.

Term describing the elite or upper class.

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

Accepting assumed explanations or causes as facts to escape discomfort are associated with uncertainty or ambiguity.

Damage to property underground such as sewers and pipes by excavation, drilling, backfilling or changing to the ground.

Exposure to loss from inappropriate selection and approval of insurance risks.

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.