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Unchanged: Definition, How It Works, and Examples Unchanged describes a situation in which the price or rate of a security is exactly the same between two points in time. That time span can be short (intraday), across trading sessions (opening vs. closing), or extend over weeks, months, or years. The term applies across markets: equities,…

UNC Kenan-Flagler Business School Overview A business school (B‑School) is an academic unit that focuses on business and management education. Programs span undergraduate degrees, full‑time and part‑time MBAs, executive education, and specialized graduate degrees. UNC Kenan‑Flagler is the business school of the University of North Carolina at Chapel Hill and offers multiple program formats to…

Unbundling Unbundling is a corporate strategy in which a company separates parts of its business—by selling, spinning off, carving out, or otherwise offering formerly bundled products or services independently—to improve performance, focus on core operations, or give customers more choice. How unbundling works Reasons for unbundling: * Improve corporate focus: create a “pure‑play” company that…

Unbundled (Universal) Life Insurance Policy An unbundled life insurance policy—commonly called universal life—is a type of permanent life insurance that combines a death benefit with a savings/investment component (cash value). It offers flexible premiums and an adjustable death benefit while clearly disclosing administrative fees and charges. How it works Each premium payment is split: part…

Unbiased Expectations Theory (Predicting Short-Term Interest Rates) Expectations theory—often called the unbiased expectations theory—uses current long-term interest rates to infer future short-term rates. It rests on the idea that an investor should be indifferent between: – Buying a long-term bond today, or – Rolling over successive short-term bonds whose future yields are uncertain. If long-term…

Unbanked Definition Unbanked refers to adults who do not use or have access to traditional banking services—no checking or savings accounts, credit cards, or other routine bank products. Unbanked people typically rely on cash, money orders, prepaid cards, check-cashing services, or payday lenders. Explore More Resources › Read more Government Exam Guru › Free Thousands…

Unauthorized Insurer (Surplus Lines) — How White List States Work Key takeaways * An “unauthorized insurer” (also called a non‑admitted insurer) is not licensed in the insured’s state but may be licensed in its home state and able to sell surplus lines coverage. * “White list states” permit licensed (admitted) insurers or producers to place…

Unappropriated Retained Earnings Definition Unappropriated retained earnings are the portion of a company’s accumulated profits that has not been set aside for a specific purpose by the board of directors. These funds remain available for general corporate uses, including payment of dividends to shareholders. How they work Retained earnings appear in shareholders’ equity on the…

Unamortized Bond Premium — Meaning and How It Works An unamortized bond premium is the portion of the price paid for a bond that exceeds its face (par) value and has not yet been written off (amortized) as interest expense. If a bond with a $1,000 par value sells for $1,090, the total premium is…

Unamortized Bond Discount: Definition and How It Works An unamortized bond discount is the remaining portion of a bond’s discount that has not yet been written off as interest expense. It represents the difference between a bond’s face (par) value and the proceeds received when the bond was issued, after subtracting any portion already amortized….

Unallocated Loss Adjustment Expenses (ULAE) What ULAE means Unallocated Loss Adjustment Expenses (ULAE) are insurer expenses related to claim handling that cannot be attributed to any single claim. They represent overhead and general costs of claims administration that are reserved for separately from claim payouts. Insurers typically maintain reserves for both ULAE and Allocated Loss…

Unaffiliated Investments Unaffiliated investments are assets held by an insurance company that it neither controls nor owns jointly with another party. These holdings—such as stocks, bonds, real estate, and other securities—appear in insurers’ financial statements and are managed to balance liquidity needs, return objectives, and regulatory constraints. Key takeaways Unaffiliated investments are third-party assets held…

Unadjusted basis Unadjusted basis is the original cost assigned to an asset at the time of purchase. It represents the starting value for tax and accounting purposes and typically equals the cash price paid plus certain costs and liabilities assumed to acquire the asset. What it includes Unadjusted basis generally comprises: * Cash or other…

UN Principles for Responsible Investment (PRI) The UN Principles for Responsible Investment (PRI) is an international initiative that encourages investors to incorporate environmental, social, and governance (ESG) factors into investment decision‑making. Launched in April 2006 with support from the United Nations, the PRI brings together asset owners, investment managers, and service providers who commit to…

Umpire clause An umpire clause is language in an insurance policy that provides a way to resolve disputes over the amount of a claim by using an independent third party. It functions like an arbitration clause: when the insurer and insured disagree on the value of a loss, each side hires an appraiser and those…

Umbrella Personal Liability Policy: What It Is and How It Works An umbrella personal liability policy is extra liability insurance that sits above your existing home, auto, watercraft, or other personal liability policies. It provides an additional layer of protection when a loss or legal judgment exceeds the liability limits of your underlying policies. Key…

Umbrella Insurance Policy Key takeaways Umbrella insurance is excess liability coverage that kicks in after the liability limits of your homeowners, auto, or watercraft policies are exhausted. It protects against large judgments or settlements for bodily injury, property damage, and certain personal liability claims (for example, libel, slander, invasion of privacy). A $1 million personal…

What is High-Frequency Trading (HFT)? High-frequency trading (HFT) is a subset of algorithmic trading that uses advanced computer programs and sophisticated algorithms to execute large numbers of orders in fractions of a second. HFT firms analyze market data, identify short-lived opportunities (such as tiny price discrepancies), and place trades at extremely high speeds to capture…

Ultra Vires Acts Definition Ultra vires (Latin: “beyond the powers”) denotes actions taken by a corporation, public body, or its agents that exceed the legal authority granted by statute, a corporate charter, or governing documents. The opposite concept is intra vires — actions within granted authority. How Ultra Vires Arises Corporate: A corporation’s constitutive documents…

Ultra-Short Bond Fund What it is An ultra-short bond fund is a mutual fund or ETF that invests in fixed-income instruments with very short maturities—typically less than one year. These funds aim to provide higher yields than money market instruments while maintaining low interest-rate sensitivity and limited price volatility compared with longer-duration bond funds. Explore…

Ultra-High-Net-Worth Individual (UHNWI) An ultra-high-net-worth individual (UHNWI) is a person with a net worth of at least $30 million. This classification identifies a small but influential segment of global wealth holders who control a disproportionate share of assets and investment activity. Definition and measurement Net worth is the total value of all assets (financial and…

Ultra ETFs: What They Are, How They Work, and Key Pros & Cons What is an Ultra ETF? An ultra ETF (also called a leveraged ETF or geared fund) is an exchange-traded fund that uses leverage to amplify the daily return of a benchmark. These funds target multiples of an index’s daily performance—commonly 2x or…

Ultimogeniture: Definition and Historical Context Ultimogeniture (also called postremogeniture or the junior right) is an inheritance system in which the youngest son inherits his deceased father’s estate. It was practiced in parts of medieval Europe—notably rural areas of England and some regions of France—primarily for farmland and sometimes for other property and personal effects. Today…

Ultimate Oscillator Key takeaways * The Ultimate Oscillator measures momentum across three timeframes (7, 14, 28 periods) using a weighted average to reduce false signals. * Values range from 0 to 100. Readings below 30 are commonly interpreted as oversold; above 70 as overbought. * Trade signals are primarily generated by divergences using a three-step…

Ultimate Net Loss — Definition and Overview Ultimate net loss is the total financial obligation that remains after an insured event, once insurance payments and recoveries are applied. It represents the net amount a party (insured, insurer, or reinsurer) ultimately bears, after accounting for: Insurance claim payments (subject to deductibles and policy limits) Recoveries such…

Ultimate Mortality Table: What It Is and How It Works What is an ultimate mortality table? An ultimate mortality table is a statistical chart that shows the percentage of life insurance policyholders expected to survive to each listed age. Tables typically start at age 0 (100% of the cohort) and extend up to around age…

Ulcer Index (UI) The Ulcer Index (UI) is a technical indicator that measures downside risk by quantifying the depth and duration of price declines from recent highs. Unlike standard deviation, which treats upside and downside volatility equally, the UI focuses only on drawdowns—the kind of downside movement that typically concerns investors. Key points Focus: measures…

What is UDAAP? UDAAP stands for unfair, deceptive, or abusive acts or practices. It is illegal for providers of financial products and services to engage in UDAAP. The rules are intended to protect consumers from practices that coerce, mislead, or take advantage of them when buying or using financial products. Legal basis and purpose Following…

UCC-1 Financing Statement (UCC Lien) Key takeaways * A UCC-1 is a public filing that notifies third parties a creditor has a secured interest in a debtor’s personal property. * It establishes the creditor’s priority to specified collateral if the debtor defaults. * UCC-1 forms are filed with the state agency (typically the secretary of…

UBS UBS is a Swiss multinational financial services company headquartered in Zurich and Basel, with major operations worldwide and its American headquarters in New York City. It offers a broad range of financial services across retail and commercial banking, investment banking, asset management, and wealth management. Overview and history The modern UBS formed when Union…

Uberrimae Fidei Contract Key takeaways Uberrimae fidei (Latin for “utmost good faith”) requires parties to certain contracts—most commonly insurance contracts—to disclose all material facts that could influence the other party’s decision. Failure to disclose material information or making deceptive statements can void the contract and free the other party from its obligations. The doctrine originated…

U-Shaped Recovery A U-shaped recovery describes an economic downturn that falls sharply, remains at a depressed level for a noticeable period, then gradually rises back to its previous peak. When plotted over time using measures such as GDP, employment, or industrial output, the pattern resembles the letter “U.” Key characteristics Sharp initial decline in economic…

U-6 (Unemployment) Rate The U-6 rate is a broad measure of labor underutilization published monthly by the U.S. Bureau of Labor Statistics (BLS). It includes not only the unemployed who have actively looked for work recently but also underemployed workers, discouraged jobseekers, and other marginally attached workers. Many economists consider U-6 a more revealing indicator…

tZero: Meaning, History, and Regulation Key takeaways * tZero is a broker-dealer and tokenization platform that uses blockchain to securitize interests in private companies and facilitate trading in digital securities. * It began as a cryptocurrency/security-token exchange and later reorganized into a private-equity services and tokenization firm. * Its goal is to broaden access to…

Type II Error: Definition, Examples, and How to Reduce Risk Definition A type II error (false negative) occurs when a researcher fails to reject a null hypothesis that is actually false. In other words, the test concludes there is no effect or difference when one truly exists. Symbolically: type II error = β = 1…