Definitions U

Unfair Advertising

That is harmful to the consumers, and liable for restriction if it comes under the…

User Acceptance Testing

Testing an application prior to customer delivery for functionality and usability using real-world scenarios which…

U.s. Treasury Bill

A United States government backed debt obligation possessing maturities of under a year. Oftentimes these…

Usance Bill

Bill of exchange drawn on a term governed by the usage in that trade or…

Unsolicited Proposal

Written but informal bid, proposal, or quotation submitted on the initiative of the submitter and…

Undifferentiated Products

Intrinsically identical products (such as gasoline, milk, packaged ice) that can be easily substituted by…

Unearned Premium

An insurance premium that is paid by the customer in advance and which the insurance…

Uniform Premium

A type of rating system used to determine premium amounts. This system does not consider…