Unbundling
DefinitionUnbundling is a neologism to describe how the ubiquity of mobile devices, Internet connectivity, consumer web technologies, social media and information access in the 21st century is affecting older institutions by "break up the packages they once offered, providing particular parts of them at a scale and cost unmatchable by the old order." Unbundling has been called "the great...
Underlying Cost
What is 'Underlying Cost' Any expense that may be projected to occur during the budgetary period succeeding the current one. Underlying costs are expenses that the firm anticipates incurring and paying out throughout the course of the budget period. Items such as rent, lease, or mortgage, depreciation, utilities, and so on are examples of what is meant by this. In the...
Uncollected Funds
What is 'Uncollected Funds' The amount of a bank deposit that comes from checks that have yet to be cleared by the bank from which the checks are drawn. Essentially, uncollected funds are sums of money that the bank needs to account for prior to releasing the funds to the depositor. Explaining 'Uncollected Funds' ...
Ultra Vires Acts
What is 'Ultra Vires Acts' Any act that lies beyond the authority of a corporation to perform. Ultra Vires acts fall outside the powers that are specifically listed in a corporate charter or state law. They can also be any action that is specifically prohibited by the corporate charter. Explaining 'Ultra Vires Acts' Ultra...
Ultra ETF
What is 'Ultra ETF' A class of exchange-traded funds (ETF) that employs leverage in an effort to achieve double the return of a set benchmark. The first ultra ETFs were launched in 2006 and the class has grown to include different ETFs with underlying benchmarks ranging from broad market indexes, such as the S&P 500 and Russell...
Unchanged
What is 'Unchanged' A situation in which the price or rate of a security does not change between two periods. This can be over any time frame including a trading day, week, or even as much as a year. Sometimes seen as "UNCH." Explaining 'Unchanged' For example, assume that the closing price...
Underlying Option Security
What is an underlying option security An underlying option security is a security that can be used as collateral for options contracts. The most common type of underlying option security is a stock, but other securities such as bonds, commodities, and currencies can also be used. When an options contract is created, the buyer and seller agree to purchase or...
Umberto Agnelli
DefinitionUmberto Agnelli was an Italian industrialist and politician. He was the third son of Virginia Agnelli and of Edoardo Agnelli, and the youngest brother of Gianni Agnelli. Umberto Agnelli What is 'Umberto Agnelli' A former chairman and CEO of Italian automaker Fiat and formerly one of the wealthiest men in Italy. Fiat, which stands for "Fabbrica Italiana...
Underwater Mortgage
Home Ownership by Country Underwater Mortgage Underwater mortgage is a mortgage loan whose balance is higher than the fair market value of the home. In other words, a mortgage is said to be underwater when the property has a negative equity. The situation usually occurs during the house market collapse such as the one that occurred during the late...
Uberrimae Fidei Contract
What is 'Uberrimae Fidei Contract' A legal agreement requiring the highest standard good faith. "Uberrimae fidei" or "uberrima fides" is Latin for "utmost good faith." Insurance contracts are the most common type of uberrimae fidei contract. Because the insurance company agrees to share the risk of loss with the policyholder, it is imperative that the policyholder act...