Investments Dictionary

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Underwriters: Investment bankers who help companies issue their securities to the public.
Underwriting, Underwriting Syndicate: Underwriters (investment bankers) purchase securities from the issuing company and resell them. Usually a syndicate of investment bankers is organized behind a lead firm.
Unemployment Rate: The ratio of the number of people classified as unemployed to the total labor force.
Unfunded Actuarial Liability: The difference between the actuarial accrued liability and valuation of assets. Sometimes referred to as “unfunded accrued liability.”
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 above net asset value.
Universal Life Policy: An insurance policy that allows for a varying death benefit and premium level over the term of the policy, with an interest rate on the cash value that changes with market interest rates.
Utility: The measure of the welfare or satisfaction of an investor.
Utility Value: The welfare a given investor assigns to an investment with a particular return and risk.

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