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...
Underpayment Penalty
What is an underpayment penalty An underpayment penalty is a fee charged by the IRS for taxpayers who do not pay enough tax throughout the year. The penalty is usually calculated as a percentage of the unpaid tax, and the amount varies depending on how much tax is owed and how long it remains unpaid. In most cases, the penalty...
Ultimate Mortality Table
What is 'Ultimate Mortality Table' A mortality table that lists the death rates of insured persons of each sex and age group and excludes data from policies that have been recently underwritten. An ultimate mortality table also lists the proportion of individual survival from birth to any given age. Insurance companies use these tables to price insurance...
U.S. Savings Bonds
DefinitionU.S. savings bonds are debt securities issued by the U.S. Department of the Treasury to help pay for the U.S. government's borrowing needs. U.S. savings bonds are considered one of the safest investments because they are backed by the full faith and credit of the U.S. government. U.S. Savings Bonds What are 'U.S. Savings Bonds' U.S. savings...
UCLA Anderson School of Management
Definition The UCLA Anderson School of Management is the graduate business school at the University of California, Los Angeles, one of eleven professional schools. The school offers MBA, Financial Engineering and Ph.D. degrees. The school is consistently ranked among the top tier business school programs in the country, based on rankings published by US News & World Report, Businessweek and...
Underlying Profit
What is an 'Underlying Profit' An underlying profit describes an actual reflection of a company's profit. The underlying profit is not the required accounting profit that is recorded on financial statements and documents mandatory to follow preset rules and regulations. This number is calculated by the company to show what it believe to be an accurate reading...
Unconditional Vesting
What is 'Unconditional Vesting' Pension benefits that are entitled to the employee without any restrictions. The employee is fully entitled to the vested benefits, even if he or she chooses to withdraw plan contributions. This is opposite to conditional vesting, in which entitlement to vested benefits is contingent upon the plan participant's contributions being...
Unappropriated Retained Earnings
What are unappropriated retained earnings Unappropriated retained earnings are the portion of a business's profits that have not been allocated to specific expenses. This money is typically held in reserve to be used for future investments or expansion plans. However, unappropriated retained earnings can also be used to pay dividends to shareholders or to cover other unexpected costs. Because unappropriated...