Glossary
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.
Unsecured Bonds
Bonds that are not backed by specific assets of the issuer, with repayment relying on the company’s overall revenues and creditworthiness. Due to the higher risk they carry for investors, they typically offer a higher yield.
Unsecured Loan
A credit product for which no direct collateral is required to secure repayment. This means that the loan is not backed by additional guarantees, such as a pledge of property or other assets.
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