UBI
Abbreviation with 2 meanings
| Stands for | Universal basic income |
|---|---|
| Meanings | 2 |
| Categories | Business & Finance |
UBI has two meanings. It stands for Universal basic income (economics) or Usage-based insurance (insurance).
Meanings of UBI at a glance
| # | UBI stands for | Context |
|---|---|---|
| 1 | Universal basic income | Business & Finance › Economics |
| 2 | Usage-based insurance | Business & Finance › Insurance |
1. Universal basic income
Business & Finance · Economics Abbreviations
Policy proposal under which every adult, or every citizen, receives a regular, unconditional cash payment from the government regardless of income or employment. Supporters see it as a response to poverty and automation, while critics cite its cost and possible effects on work.
Example: The city's two-year pilot, a small-scale test of UBI, gave 1,000 residents $500 a month with no strings attached.
No country has adopted a full national UBI, but trials have run in Finland (2017 to 2018), Kenya and US cities such as Stockton, California. Alaska's Permanent Fund Dividend, paid since 1982 from oil revenue, is often cited as a partial example. A related idea, the negative income tax, was promoted by Milton Friedman.
2. Usage-based insurance
Business & Finance · Insurance Abbreviations
Auto insurance priced on actual driving, collected through a smartphone app, plug-in device or connected car data, measuring factors such as mileage, hard braking, speeding and time of day.
Example: Signing up for UBI cut my premium 18% because I rarely drive at night.
Programs include Progressive's Snapshot and pay-per-mile insurance, sometimes called pay-as-you-drive (PAYD). Privacy advocates have raised concerns about data sharing, especially data collected by automakers.
Related abbreviations
More economics abbreviations
- AD – Aggregate demand
- AS – Aggregate supply
- ATC – Average total cost
- AVC – Average variable cost
- BoC – Bank of Canada
- BoE – Bank of England
- BoJ – Bank of Japan
- BoP – Balance of payments
See all 81 economics abbreviations →