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Author: user

Unilateral Transfer

Posted on October 19, 2025October 20, 2025 by user

Unilateral Transfer What it is A unilateral transfer is a one-way transfer of money, goods, or services from one party to another where the sender does not receive anything in return. Common examples include gifts, donations, remittances, humanitarian aid, and government stimulus payments. Key points The recipient is not obliged to provide goods, services, or…

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Unilateral Contracts

Posted on October 19, 2025October 20, 2025 by user

Unilateral Contracts A unilateral contract is an agreement in which the offeror promises to pay or perform only after the offeree completes a specified act. The offeree is not obligated to perform; the offer becomes binding on the offeror only when the requested performance is completed. Key takeaways Only the offeror is initially bound; the…

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Uniform Transfers to Minors Act (UTMA)

Posted on October 19, 2025October 20, 2025 by user

Uniform Transfers to Minors Act (UTMA) The Uniform Transfers to Minors Act (UTMA) lets adults transfer assets to minors without creating a formal trust. A custodian manages the custodial account on the minor’s behalf until the minor reaches the age of majority set by state law. UTMA accounts accept a wide range of property (cash,…

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Uniform Transfer Tax

Posted on October 19, 2025October 20, 2025 by user

Uniform Transfer Tax A uniform transfer tax refers to the combined federal treatment of gift and estate taxes: transfers of property during life (gifts) and at death (estates) are subject to a single, integrated tax regime administered by the IRS. It applies when assets are transferred without receiving full market value in return and is…

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Uniform Simultaneous Death Act

Posted on October 19, 2025October 20, 2025 by user

Key Takeaways * The Uniform Simultaneous Death Act (USDA) is a statute used to determine inheritance when two or more people die at about the same time. * Under the Act, if people die within 120 hours of each other and there is no contrary governing document, each person’s assets are treated as passing directly…

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Uniform Securities Act

Posted on October 19, 2025October 20, 2025 by user

Understanding the Uniform Securities Act: Purpose and State Impact The Uniform Securities Act is a model law created to guide state governments in regulating securities and preventing fraud. It complements federal securities laws by filling gaps the Securities and Exchange Commission (SEC) cannot always address, giving state regulators authority to protect local investors and prosecute…

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Uniform Rules for Demand Guarantees (URDG)

Posted on October 19, 2025October 20, 2025 by user

Uniform Rules for Demand Guarantees (URDG) Overview The Uniform Rules for Demand Guarantees (URDG) are a set of international rules published by the International Chamber of Commerce (ICC) that govern demand guarantees used in cross-border trade and finance. First adopted in 1991 and revised in 2010 (URDG 758), the rules provide standardized procedures, model forms,…

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Uniform Prudent Investor Act (UPIA)

Posted on October 19, 2025October 20, 2025 by user

Uniform Prudent Investor Act (UPIA) What it is The Uniform Prudent Investor Act (UPIA) is a fiduciary standard that guides trustees and financial professionals when investing assets on behalf of others. Adopted as a modern update to the older Prudent Man Rule, UPIA emphasizes a total-portfolio, risk-aware approach to investing consistent with modern portfolio theory…

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Uniform Premarital Agreement Act

Posted on October 19, 2025October 20, 2025 by user

Uniform Premarital and Marital Agreements Act — Overview The Uniform Premarital and Marital Agreements Act (drafted by the National Conference of Commissioners on Uniform State Laws in 1983) is a model statute adopted by multiple states to provide consistent rules for premarital (prenuptial) and marital (postnuptial) agreements. About half the states have enacted the act…

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Uniform Policy Provisions, Health Insurance

Posted on October 19, 2025October 20, 2025 by user

Uniform Policy Provisions, Health Insurance Uniform policy provisions are standard clauses that insurers include in health (accident and sickness) insurance contracts. Each state adopts its own version of a “uniform individual accident and sickness” law that specifies which provisions must appear in a policy and which may be optional. Typically, there are 12 mandatory provisions…

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Uniform Partnership Act (UPA)

Posted on October 19, 2025October 20, 2025 by user

Uniform Partnership Act (UPA) Key takeaways * The Uniform Partnership Act (UPA) is a model statute that governs general partnerships and limited liability partnerships (LLPs) in many U.S. jurisdictions. * It was first drafted in 1914 by the National Conference of Commissioners on Uniform State Laws (now the Uniform Law Commission) and the most recent…

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Uniform Individual Accident and Sickness Policy Provisions Act

Posted on October 19, 2025October 20, 2025 by user

Uniform Individual Accident and Sickness Policy Provisions Act Overview The Uniform Individual Accident and Sickness Policy Provisions Act (often developed by the National Association of Insurance Commissioners, NAIC) sets a baseline of required and optional contract clauses that individual health insurance policies must include. Its purpose is to standardize basic policy terms, protect insureds, and…

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Uniform Gifts to Minors Ac (UGMA)

Posted on October 19, 2025October 20, 2025 by user

What is a UGMA account? A UGMA (Uniform Gifts to Minors Act) account is a custodial account that lets an adult transfer cash and financial securities to a minor without creating a trust. The assets in the account are the legal property of the child, but a named custodian manages and invests them until the…

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Uniform Distribution

Posted on October 19, 2025October 20, 2025 by user

Uniform Distribution What it is A uniform distribution is a probability distribution in which every outcome within a specified set or interval is equally likely. It can be discrete (a finite set of outcomes) or continuous (an entire interval of values). Key points All possible outcomes have equal probability. Discrete uniform: a finite number of…

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Uniform Consumer Credit Code (UCCC)

Posted on October 19, 2025October 20, 2025 by user

Uniform Consumer Credit Code (UCCC) The Uniform Consumer Credit Code (UCCC) is a model statute developed to standardize and regulate consumer credit transactions. Drafted by the Uniform Law Commission, the UCCC provides states with a framework to protect borrowers from predatory lending and unfair credit practices. Purpose and scope Establishes uniform rules for consumer credit…

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Uniform Commercial Code (UCC)

Posted on October 19, 2025October 20, 2025 by user

What is the Uniform Commercial Code (UCC)? The Uniform Commercial Code (UCC) is a model set of laws that standardizes commercial transactions across the United States. First prepared in the early 1950s by the Uniform Law Commission and the American Law Institute, the UCC provides a consistent legal framework for common business activities—such as the…

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Uniform Bill of Lading

Posted on October 19, 2025October 20, 2025 by user

Uniform Bill of Lading: What it Is and How It Works A uniform bill of lading is a standardized contract between a shipper (exporter) and a carrier that documents goods to be transported. It serves as: * A description and itemization of the shipment (shipper and recipient names, origin and destination, contents). * A contract…

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Uniform Bank Performance Report (UBPR)

Posted on October 19, 2025October 20, 2025 by user

Uniform Bank Performance Report (UBPR) The Uniform Bank Performance Report (UBPR) is an analytical tool developed by the Federal Financial Institutions Examination Council (FFIEC) to summarize a U.S. bank’s financial position, performance, and risk exposures. It translates Call Report data into ratios and trend analyses that help examiners, bankers, and other stakeholders evaluate a bank’s…

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Unified Tax Credit

Posted on October 19, 2025October 20, 2025 by user

Unified Tax Credit: What It Is and How It Works What is the unified tax credit? The unified tax credit (also called the unified transfer tax) is an IRS provision that combines the lifetime exemptions for gift and estate taxes into a single system. It determines how much an individual can give during life (gifts)…

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Unified Payment Interface (UPI)

Posted on October 19, 2025October 20, 2025 by user

Unified Payments Interface (UPI) The Unified Payments Interface (UPI) is a real-time mobile payment system developed by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI). It enables seamless bank-to-bank transfers using a smartphone app and a simple identifier (UPI ID or Virtual Payment Address) instead of repeatedly…

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Unified Managed Household Account (UMHA): Overview, Pros and Cons

Posted on October 19, 2025October 20, 2025 by user

Unified Managed Household Account (UMHA): Overview, Pros and Cons What is a UMHA? A Unified Managed Household Account (UMHA) is a single, privately managed investment account that consolidates multiple unaffiliated products—such as individual securities, mutual funds, and ETFs—into one household-level account. Immediate family members (for example, parents and children) can be granted access, and a…

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Unified Managed Account (UMA): Diversified Investments for Wealth Management

Posted on October 19, 2025October 20, 2025 by user

Unified Managed Account (UMA): Diversified Investments for Wealth Management What is a UMA? A Unified Managed Account (UMA) is a single, professionally managed investment account that consolidates multiple investment types—such as mutual funds, individual stocks, bonds, and ETFs—into one portfolio. UMAs simplify reporting and administration by aggregating assets that might otherwise sit in multiple separate…

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Unicorn

Posted on October 19, 2025October 20, 2025 by user

Unicorn — what it means in investing A “unicorn” is a privately held startup valued at more than $1 billion. The term is most often applied to technology-centered companies that attract large venture-capital investments based on expectations of rapid, outsized growth rather than current profits. Origin and scale Venture capitalist Aileen Lee popularized the term…

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What Is a Unicameral System? How Legislature Works and Examples

Posted on October 19, 2025October 20, 2025 by user

What Is a Unicameral System? A unicameral system is a legislature that has a single legislative chamber or house. All lawmaking authority is concentrated in that one body, which debates, amends, and votes on bills without the need for approval from a second chamber. Key takeaways: * Unicameralism concentrates legislative power in one chamber, simplifying…

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Unfunded Pension Plan: What it is, How it Works

Posted on October 19, 2025October 20, 2025 by user

Unfunded Pension Plan: What it Is and How It Works Key points An unfunded pension plan (also called pay-as-you-go) pays retirement benefits from current employer or government income rather than from assets set aside in advance. Many public pension systems—especially in Europe—operate on an unfunded basis, with benefits paid from current taxes and contributions. Some…

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Unfavorable Variance: Definition, Types, Causes, and Example

Posted on October 19, 2025October 20, 2025 by user

Unfavorable Variance: Definition, Types, Causes, and Example Unfavorable variance occurs when actual financial results are worse than planned or budgeted results — for example, actual costs exceed budgeted costs or actual revenue falls short of forecasts. Detecting and analyzing unfavorable variances helps management identify problems early and take corrective action to protect profitability. Key takeaways…

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Unfair Trade Practices: Deceptive Methods and Examples Explained

Posted on October 19, 2025October 20, 2025 by user

Unfair Trade Practices: Deceptive Methods and Examples Explained Unfair trade practices are deceptive, fraudulent, or unethical business methods used to gain an advantage at consumers’ expense. They include misrepresentation, false advertising, deceptive pricing, and other tactics that violate consumer protection laws and can lead to legal action. Key takeaways Unfair trade practices use dishonest or…

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Unfair Claims Practice

Posted on October 19, 2025October 20, 2025 by user

Unfair Claims Practice What it is An unfair claims practice occurs when an insurer improperly delays, avoids, or reduces payment on a valid claim. These actions are typically intended to lower the insurer’s costs but are illegal in many jurisdictions. How it works Insurers may use tactics such as prolonged delays, repeated requests for documents…

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Unencumbered Assets: Overview of Free and Clear Assets

Posted on October 19, 2025October 20, 2025 by user

Unencumbered Assets: Overview of Free-and-Clear Assets An unencumbered asset is property owned free and clear of third-party claims such as liens, mortgages, or other creditor interests. Because no creditor holds a legal interest, unencumbered assets are generally easier to sell or transfer and give the owner full discretion over the property. Key takeaways Unencumbered assets…

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Unemployment Rate

Posted on October 19, 2025October 20, 2025 by user

What is the unemployment rate? The unemployment rate measures the share of the labor force that is jobless, available for work, and actively seeking employment. It is a key lagging indicator of economic health and is widely used by policymakers, businesses, and investors. Key point: the commonly reported national unemployment figure in the U.S. is…

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Unemployment Insurance: Eligibility & Benefits Explained

Posted on October 19, 2025October 20, 2025 by user

Unemployment Insurance: Eligibility & Benefits Explained What is unemployment insurance (UI)? Unemployment insurance (UI) is a state-administered, federally guided program that provides temporary cash payments to workers who lose their jobs through no fault of their own. Programs are run by each state under federal guidelines and overseen by the U.S. Department of Labor. Key…

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Unemployment Income: What It Is, How It Works

Posted on October 19, 2025October 20, 2025 by user

Unemployment Income: What It Is, How It Works Key takeaways Unemployment income (also called unemployment benefits, compensation, or insurance) provides temporary financial support to eligible workers who lose jobs through no fault of their own. Benefits vary by state in amount and duration; most states typically offer up to about 26 weeks, but extensions can…

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Unemployment Compensation Amendments of 1992

Posted on October 19, 2025October 20, 2025 by user

Unemployment Compensation Amendments of 1992 Definition The Unemployment Compensation Amendments of 1992 allow U.S. workers who lose their jobs to move employer‑sponsored retirement savings (for example, a 401(k)) into a qualified retirement plan—such as an individual retirement account (IRA)—without immediate tax consequences. Key provisions Employers must offer departing employees the option to roll over plan…

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Unemployment Compensation: Definition, Requirements, and Example

Posted on October 19, 2025October 20, 2025 by user

Unemployment Compensation: Definition, Requirements, and Example Key takeaways * Unemployment compensation (also called unemployment benefits or unemployment insurance) provides temporary, partial income to workers who lose their jobs through no fault of their own (for example, layoffs or business closures). * Benefits are typically based on a percentage of a worker’s average pay over a…

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What Is an Unemployment Claim?

Posted on October 19, 2025October 20, 2025 by user

What is an unemployment claim? An unemployment claim is a request for temporary cash benefits filed with a state unemployment insurance (UI) program after a person loses their job through no fault of their own (for example, a layoff). These benefits are intended to partially replace lost wages while the claimant searches for new work….

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