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U.S. Internal Revenue Bond

A Surety bond required of those who collect and must report taxes for certain controlled commodities, such as liquor or tobacco.

Umbrella Liability

High-limit excess coverage of all forms of liability to which the insured may be subject.

Uncontrolled Lines

Commercial Inland Marine coverages which are not standardized.

Underwriter

One who judges the acceptance or rejection of insurance risks on behalf of the insurance company.

Unearned Premium

The portion of the written premium that has not expired or has not been used, but for which the insured has been charged.

Unfair Insurance Trade Practices Act

A Florida law describing certain practices that are prohibited, such as misrepresentation, denying claims without reasonable investigation, etc.

Uninsured Motorist Coverage

Automobile coverage designed to provide protection for the insured should he or she be included in an accident in which the driver at fault has no insurance (or not enough insurance) to cover the loss.

Unscheduled Coverage

A single coverage amount which applies generally to personal property. Also called blanket insurance.

US L&H Act

A federal workers compensation program designed predominantly for "dockside" workers.

Utmost Good Faith

A principle of insurance which states that the insurance company must be able to rely on the honesty and cooperation of the insured, and the insured must rely on the company to fulfill its obligations in good faith.