Glossary
Travel and Tourism Insurance
An insurance product that provides protection for travellers against unforeseen events during their trips, either domestically or abroad. It may cover expenses for medical assistance in case of accident or illness, emergency medical evacuation or repatriation, loss of luggage, trip cancellation or delay, third-party liability, and other risks specified in the insurance policy. The insurance is taken out for a specified period and is suitable for both leisure and business travel.
Travel Assistance Insurance
An insurance product that provides coverage for health, accident, and logistical risks arising during travel, regardless of the means of transportation used (car, airplane, bus, etc.). The coverage typically includes medical assistance and hospital expenses abroad, emergency medical evacuation or transport in case of an accident, repatriation, assistance in case of lost or stolen documents, as well as other services designed to support the insured person in emergency situations.
Two-Factor Authentication (2FA)
A method to increase security in digital environments (such as payment services, account access, etc.), where two independent factors are used to verify the user's identity—for example, a combination of a static password and a dynamic one-time password received via SMS or generated by an m-token, as well as biometric recognition in a mobile app.
Unemployment Benefit
A monetary payment provided by the state through the National Social Security Institute to individuals who are insured for this risk, meet all the eligibility requirements, and are registered as unemployed with the respective employment office. The Social Insurance Code regulates the conditions that individuals must meet, as well as the period during which the benefit is paid. The minimum and maximum daily amounts of the benefit are determined annually by the State Social Insurance Budget Act.
Unemployment Benefit - glossary for children
Money that the government gives for some time to people who lost their jobs until they get a new one.
Unfair Commercial Practice
A commercial practice directed at the consumer that contradicts the requirement for honesty and professional competence of the trader and that alters or is likely to alter the economic behaviour of the average consumer to whom it is addressed or who is affected by it. Unfair commercial practices can be misleading or aggressive and are regulated under the Consumer Protection Act.
Unit-Linked Life Insurance
A life insurance product linked to an investment fund that combines life coverage with the option for a portion of the premiums to be invested in investment funds chosen by the policyholder. Unlike traditional savings life insurance, in unit-linked life insurance, the ultimate benefit and the value of the accumulated amount depend on the performance of the selected investment funds and the financial markets., exposing the policyholder to investment risk. The insurer undertakes to pay the value of the invested funds or a guaranteed minimum amount upon the occurrence of a specified event (e.g. death) or upon survival to the end of the policy term.
Unit Price - glossary for children
The price for one item, kilogram, liter or meter of a product.
Universal (General) Will
A testamentary disposition that relates to the whole or a fractional part of the testator’s estate, whereby the beneficiary acquires the status of heir.
Universal Pension Fund (UPF)
A fund for compulsory supplementary pension insurance, covering persons born after December 31, 1959, who are subject to social insurance in Bulgaria. It is managed by a licensed pension insurance company and accumulates the insured persons’ contributions in individual accounts, investing them according to legal requirements. The funds are used to pay additional old-age pensions, with the pension amount depending on the accumulated contributions, investment returns, and the duration of the insurance period.
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