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Unapproved Scheme

An occupational pension scheme that is not approved by the Inland Revenue and which cannot benefit from the same favourable tax treatment as an approved scheme.

Underwriter

A technician trained in evaluating risks and determining rates and coverage for them. The term derives from the practice at Lloyd's of each person willing to accept a portion of the risk writing his name under the description of the risk.

Underwriting

Where an insurance company takes into account known facts like your age, sex and health, in order to assess the likelihood of you making a claim on the policy. Your insurance premiums are calculated after taking these factors into consideration.

Underwriting Bar

The amount to which the benefits pertaining to a member of a group insurance scheme may increase without the need for further underwriting.

Underwriting Decision

A decision made by insurance underwriters based on evidence supplied. In group insurance, it is often used to refer to decisions pertaining to individual members based on medical evidence.

Unearned Premium

That portion of a premium already received by the insurer for which protection has not yet been provided.

Unfunded Unapproved Retirement Benefit Schemes (UURBS)

A scheme which relates to a promise of benefits by an employer to an employee, where the employer does not set aside a specific fund for that purpose, but does make provision in the employer's annual accounts for the potential liability.Such schemes do not enjoy such favourable tax treatment as approved schemes.The usual purpose of such schemes is to provide benefits in excess of the normal benefit level of approved schemes (eg Personal Pension Plans and Occupational Pension Schemes).The tax treatment of Unfunded Unapproved Retirement Benefit Schemes (UURBS) is very different to the tax treatment of Funded Unapproved Retirement Benefit Schemes (FURBS).

Unit Linked Endowment

A fixed term savings plan with an element of life cover. Your savings go into an underlying fund of investments like shares and the eventual return you get depends on the performance of these investments.

Unit Rated

A Unit rate is often used in determining the premium for large (more than 20 lives) group insurance schemes. In this basis of costing, the Unit Rate is applied to the total benefits provided under the scheme. The rate is determined with reference to banded membership data and other underwriting adjustments. For group life insurance the rate is usually expressed per £1000 of death benefit and for dependants pensions per £100 of insured pension.

Unit Trust

A trust set up as a pooled investment fund. The portfolio of investments is unitised in order to allow investors to buy and sell units.

Unrestricted Funds

In the context of funding, those grants which do not specifically stipulate how the money is to be spent by the grantee.

Uplifted 60ths (Accelerated Accrual)

For members of an Approved Occupational Pension Scheme who have continuous rights prior to 17 March 1987, the Pension Schemes Office can permit benefits to accrue (grow) at a rate which exceeds the normal rate of one sixtieth of Final Salary (Final Remuneration) for each year of service.

Upper Earnings Limit

The maximum earnings on which National Insurance contributions are payable by employees.

Utmost Good Faith

The principle of insurance which requires a proposer to give all relevant information to the insurer.

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