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Unincorporated joint venture
A joint venture in which the legal means of dividing the project's equity is by shareholdings in a company.
Uninsured motorist insurance
Insurance that covers the policyholder and family if they are injured by a hit-and-run or uninsured motorist, assuming the other driver is at fault.
Uninvested
Usually refers to cash that could be invested but is being held in reserve.
Unique Diversification Benefit
Reduction in the likelihood of financial distress for a conglomerate firm that comes with its diversified investments.
Unique risk
Also called unsystematic risk or idiosyncratic risk. Specific company risk that can be eliminated through diversification. and unsystematic risk. See Also: Diversifiable risk
Unissued stock
Shares authorized_shares in a corporate_charter, but not issued.
Unit
More than one class of securities traded together (e.g., one common_shares and three subscription_warrant).
Unit benefit formula
Method used to determine a participant's benefits in a defined benefit plan. Involves multiplying years of service by the percentage of salary.
Unit investment trust
Money invested in a portfolio whose composition is fixed for the life of the fund. Shares in a unit trust are called redeemable trust certificates, and they are sold at a premium to net asset value.
Unit of trading
See Also: Trading unit
Unit Share Investment Trust
A unit investment trust comprising one unit of prime and one unit of score.
Unit trust
In the United Kingdom and other foreign_market, an open-end mutual fund.
United States Customs Service
An agency of the Treasury Department charged with enforcing laws relative to imports.
United States government securities
Debt issues of the U.S. government, as distinguished from government-sponsored agency issues.
Universal life
A whole life insurance product whose investment component pays a competitive interest rate rather than the below-market crediting rate.
Universe of securities
A group of stocks having a common feature, such as similar outstanding market capitalization or same product line.
Unleveraged beta
The beta of an unleveraged required return (i.e., no debt) on an investment when the investment is financed entirely by equity.
Unleveraged program
The use of borrowed funds to finance less than 50% of a purchase of assets. In a leveraged program borrowed funds are used to finance more than 50%.
Unleveraged required return
The required return on an investment when the investment is financed entirely by equity (i.e., no debt).
Unlevered cost of equity
The discount rate appropriate for an investment that it is financed with 100% equity.
Unlimited liability
Full liability for the debt and other obligations of a legal entity. The general partners of a partnership have unlimited liability.
Unlimited marital deduction
An Internal Revenue Service provision that allows an individual to transfer an unlimited amount of assets to a spouse, during life or at death, without incurring federal estate_tax or gift tax.
Unlimited tax bond
A municipal bond secured by the pledge to levy taxes until full repayment at an unlimited rate.
Unlisted security
A security traded in the over-the-counter market that is not listed_security on an organized_exchange.
Unlisted trading
Trading in listed_security that occurs on an organized exchange to accommodate exchange_members. This practice is not permitted at the NYSE.
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