Yes or no. Also, why do you know what it is/why don't you know what it is?
I know what it is from working for an attorney that dealt with auto ins policies.
Today, in my risk management (i.e., insurance and how it works and why you should sell it to your clients) class (for masters in Personal Financial Planning), our "prof" (I usu think of profs as knowledgeable people, but this guy doesnt know as much as he should) was explaining UIM coverage to the class. I brought up the idea of stacking (link below), and he had never heard of it. He is a former ins salesman (I know that he didnt necessarily deal with auto ins or adjusting or the law), a CFP, and a PhD in Personal Financial Planning. Because of all those qualifications, I would expect him to know a simple concept that applies in the majority of states.
He was also wrong on another auto ins coverage, and a student called him out on it, and cite the page number in our book and paragraph number. I dont mind when profs are wrong when we're discussing something off-topic/off the cuff, but when the PPT slide is 100% wrong? Yeah...unacceptable.
Side note: TTU apparently has the best PFP program in the US. I find that stat, if true, disconcerting. Basically, I would never trust more than $20 to a recent graduate of this program (and I'm in the program!), unless I actually knew the planner and his/her capabilities. The majority of profs I've encountered are (generally) incompetent jokes.
/end VERY annoyed rant
Link explaining stacking:
Stacking | Uninsured Motorist Coverage | Car Insurance Policy | Insure.com