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HUD is a Cabinet department in the Executive branch of the United States federal government. HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD is working to strengthen the housing market to bolster the economy and protect consumers; meet the need for quality affordable rental homes: utilize housing as a platform for improving quality of life; build inclusive and sustainable communities free from discrimination; and transform the way HUD does business.
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DOJ is the United States federal executive department responsible for the enforcement of the law and administration of justice. DOJ’s mission is to enforce the law and defend the interests of the United States according to the law; to ensure public safety against threats foreign and domestic; to provide federal leadership in preventing and controlling crime; to seek just punishment for those guilty of unlawful behavior; and to ensure fair and impartial administration of justice for all Americans.
- Browse Related Terms: Agency, Dependent Child, Fair Housing Act, Freedom of Information Act (FOIA), Minor Child, U.S. Department of Housing and Urban Development (HUD), U.S. Department of Justice (DOJ), Value
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A policy that "floats" above your other coverage. You must carry a certain amount of underlying liability coverage before you may buy an umbrella policy. This coverage kicks in if you are sued for an amount greater than the limits of your auto policy.
A policy that "floats" above your other coverage. You must carry a certain amount of underlying liability coverage before you may buy an umbrella policy. This coverage kicks in if you are sued for an amount greater than the limits of your auto policy.
- Browse Related Terms: Bodily Injury Liability, Bodily Injury Liability Coverage, Extraordinary Medical Benefits, Funeral Benefit, Income Loss, Liability limits, Limited Tort, Medical Benefits, Medical Payment, Medical payments and personal injury protection (PIP), No-fault insurance, Personal Injury Protection (PIP), Property Damage Liability, Rental reimbursement coverage, Umbrella Liability Insurance
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A policy that "floats" above your other coverage. You must carry a certain amount of underlying liability coverage before you may buy an umbrella policy. This coverage kicks in if you are sued for an amount greater than the limits of your homeowner's policy.
- Browse Related Terms: Coinsurance Clause, Endorsement, Floater, Home Inventory, Inflation guard endorsement, Inflation protection, Insurance to value, Personal property, Real property, Rider, Scheduled items, Umbrella Liability Insurance
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A portion of a deposit balance that has not yet been collected by the depository financial institution.
- Browse Related Terms: Availability date, Availability policy, Cut-off time, Deposit slip, Derogatory Information, Disclosures (Deposit), Escrow Analysis, Exception Hold, Float, Inactive Account, Uncollected funds
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An uncovered option, also known as a naked option, is an option that is not backed by another position.
For example, if you sell a call option without owning the stock that you would have to deliver if the option holder exercised, the call is uncovered.
Similarly, if you sell an uncovered put, you don't have adequate cash in reserve to fulfill your obligation to purchase the underlying instrument at exercise.
Writing uncovered contracts can put you at significant risk despite the premium you collect when you open the position.
For example, if a naked call option were exercised and assigned to you, you would have to buy the underlying instrument at its market price to be able to meet the terms of the contract. Because of the potential risk, your brokerage firm may restrict your right to write uncovered positions or may require you to trade these options in a margin account.
- Browse Related Terms: assignment, At-the-money, Automatic exercise, Call, Call option, Covered option, Exercise, Go short, Green shoe clause, In-the-money, Incentive stock option (ISO), Long position, Naked option, offset, Option, Option premium, Put option, Short position, Stock option, Strike price, Uncovered option, Writer
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The review status of a financial disclosure report after the filer has eSigned and submitted their report for review.
- Browse Related Terms: Amended, Amended Date, Amendment in Progress, Complete, End Review, Filing Date, Review Chain, Review Date, Reviewer, Self Registration, Signature Date, Submitted, Submitted Date, Under Review, Wrap up
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Money-making activities that people don't report to the government, including both illegal and legal activities.
- Browse Related Terms: ability to pay, benefits received, Earned Income Credit (EIC), financial records, Gross Income, horizontal equity, underground economy, vertical equity
All > Business > Finance > Insurance > Auto Insurance
This covers bodily injury losses for you or your passengers if you are hit by an at-fault motorist who does not have enough insurance to cover your claim.
- Browse Related Terms: Appraiser, Bodily injury (BI), Comparative fault, Comparative Negligence Law, Liability insurance, Named driver exclusion, Named driver policy, Negligence, Negligence/Negligent, Non-owners policy, Underinsured Motorist (UIM), Underinsured Motorist Bodily Injury (UIM) Coverage, Underinsured Motorist Bodily Injury Coverage (UIM), Uninsured Motorist (UM), Uninsured Motorist Bodily Injury (UM) Coverage, Uninsured Motorist Property Damage Insurance (UMPD), Uninsured motorist protection, Uninsured/underinsured motorist (UM/UIM) coverage, Unsatisfied judgment fund
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Pays the difference between your UIM limits and the liability limits of the at-fault driver, if lower than your UIM limits. The law requires you to have this coverage if you purchase higher limits of uninsured motorist bodily injury coverage (UM).
- Browse Related Terms: Appraiser, Bodily injury (BI), Comparative fault, Comparative Negligence Law, Liability insurance, Named driver exclusion, Named driver policy, Negligence, Negligence/Negligent, Non-owners policy, Underinsured Motorist (UIM), Underinsured Motorist Bodily Injury (UIM) Coverage, Underinsured Motorist Bodily Injury Coverage (UIM), Uninsured Motorist (UM), Uninsured Motorist Bodily Injury (UM) Coverage, Uninsured Motorist Property Damage Insurance (UMPD), Uninsured motorist protection, Uninsured/underinsured motorist (UM/UIM) coverage, Unsatisfied judgment fund
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Is coverage for any bodily injury resulting from the operation of a motor vehicle, which is covered under a liability policy at the time of the injury causing occurrence, but which has insufficient liability coverage to compensate fully the injured party for all special and general damages.
- Browse Related Terms: Appraiser, Bodily injury (BI), Comparative fault, Comparative Negligence Law, Liability insurance, Named driver exclusion, Named driver policy, Negligence, Negligence/Negligent, Non-owners policy, Underinsured Motorist (UIM), Underinsured Motorist Bodily Injury (UIM) Coverage, Underinsured Motorist Bodily Injury Coverage (UIM), Uninsured Motorist (UM), Uninsured Motorist Bodily Injury (UM) Coverage, Uninsured Motorist Property Damage Insurance (UMPD), Uninsured motorist protection, Uninsured/underinsured motorist (UM/UIM) coverage, Unsatisfied judgment fund
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Assets that are held in another investment vehicle in which a filer has a financial interest. For example, a filers underlying assets may include the portfolio holdings of a partnership, a trust, or an investment fund. Full disclosure often requires a filer to report both the investment vehicle itself and the underlying assets that it holds, unless the investment vehicle is an Excepted Investment Fund (EIF). For example, if Trust X holds Stocks 1, 2, and 3, you should report both Trust X and Stocks 1, 2, and 3 because the stocks are the underlying assets of the trust.
- Browse Related Terms: American Association of Individual Investors (AAII), Excepted Investment Fund (EIF), Investment Club, Lipper, Inc, Morningstar, Inc., Separate account, Separate account fund, Subaccount, Underlying Assets, Value Line, Inc., Widely Diversified
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An underlying instrument is a security, such as a stock, a commodity, or other type of financial product, such as a stock index, whose value determines the value of a derivative investment or product.
For example, if you own a stock option, the stock you have the right to buy or sell according to the terms of that option is the option's underlying instrument.
Underlying instruments may also be called underlying products, underlying interest, or sometimes the underlying investment.
- Browse Related Terms: Bear spread, Bull spread, Delta, Exercise price, Hedging, Index option, Leverage, Options chain, Out-of-the-money, Straddle, Strangle, Underlying instrument, Underwater
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The investments a variable annuity's separate account fund, a mutual fund, or other fund makes are considered the fund's underlying investments.
The value of a single share or unit of the fund is based on the combined value of all of its underlying investments, minus fees and expenses, divided by the number of outstanding shares or units.
In some cases, when the item underlying a derivative investment is a security, such as the individual stock underlying an equity options contract, it is also called an underlying investment.
However, when the underlying item is a consumable commodity, such as corn, or a financial product, such as an equity index, it is called the underlying product, the underlying instrument, or sometimes simply the underlying.
- Browse Related Terms: American depositary receipt (ADR), Annuity unit, Block trade, Capital appreciation, Exchange-traded fund (ETF), expense ratio, Institutional fund, Mark to the market, Net asset value (NAV), Offshore fund, Open-end mutual fund, Proprietary fund, share, Standard & Poor's Depositary Receipt (SPDR), Underlying investment, Unit investment trust (UIT), Unit trust
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Any stock that trades at a lower price than the issuing company's reputation, earnings outlook, or financial situation would seem to merit is considered undervalued.
Undervaluation may occur when investors lose interest in a company perhaps because it hasn't kept pace with its competitors, or if there are management problems.
Some investors concentrate on identifying and investing in undervalued stocks, sometimes called simply value stocks, drawn by their bargain prices and the expectation of recovery.
- Browse Related Terms: Alpha, Book value, Dividend yield, Earnings estimate, Earnings momentum, Earnings surprise, Forward price-to-earnings ratio, Multiple, Outstanding shares, Price-to-book ratio, Price-to-earnings ratio (P/E), Price-to-sales ratio, Quarter, risk ratio, Special situation, Undervaluation, valuation, Value stock, Whisper number, Zacks Investment Research
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You're underwater when your employee stock options are out-of-the-money and so currently worthless.
For example, if you have options to buy your company stock at a strike price of $50, and the stock is currently trading at $30, you're $20 underwater on each option. You can see how the next step may be drowning - financially speaking, of course.
The term underwater is also used to describe situations where the principals are unable to meet their financial obligations.
For example, if an investor is unable to meet margin calls on a margin account that has lost a considerable amount of money, the account is said to be underwater. Similarly a firm that is having financial difficulty is described as underwater.
- Browse Related Terms: Bear spread, Bull spread, Delta, Exercise price, Hedging, Index option, Leverage, Options chain, Out-of-the-money, Straddle, Strangle, Underlying instrument, Underwater
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When you own less of a security, an asset class, or a subclass than your target asset allocation calls for, you are said to be underweighted in that security, asset class, or subclass.
For example, if you have decided to invest 30% of your portfolio in fixed-income investments, but your fixed-income holdings account for only 10% of your portfolio, you are underweighted in fixed income.
In another use of the term, a securities analyst might recommend underweighting a particular security, which you might reasonably interpret as advice to sell.
- Browse Related Terms: Asset allocation, Asset class, Balanced fund, diversification, Family of funds, Financial plan, Fund of funds (FOF), Lifecycle fund, Modern portfolio theory, Nonsystematic risk, Overweighted, portfolio, subclass, Synthetic investment, Target date fund, Target risk fund, Underweighted, White knight
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The person who reviews an application for insurance and decides if the applicant is acceptable and at what premium rate.
An individual in an insurance company who determines what insurance risks will be accepted and on what terms.
- Browse Related Terms: Benchmark rate(s), Credit score, Non-Bound Application, Proof of loss, Quotation or Quote, Quote, Underwriter, Underwriting, Youthful Driver
All > Business > Finance > Insurance > Homeowners Insurance
An individual in an insurance company who determines what insurance risks will be accepted and on what terms.
The person who reviews an application for insurance and decides if the applicant is acceptable and at what premium rate.
Texas Department of Insurance and Office of Public Insurance Counsel - Cite This Source - This Definition- Browse Related Terms: complaint, Material misrepresentation, Non-Bound Application, Settlement, Underwriter, Underwriting
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An underwriter, typically an investment banker, buys an entire new securities issue from the company or government offering it, and resells the issue as individual stocks or bonds to the public.
Part of the underwriter's job is to weigh the risks involved in taking on the financial responsibility of finding buyers against the profit to be made on the difference between the price paid for the issue and the amount it will generate.
Typically, a number of bankers join forces as a purchase group, or syndicate, to spread the risk around and to reach the widest possible market.
Insurance policies also need an underwriter. In this case, the term refers to a company that is willing to take the risk of insuring your life, property, income, or health in return for a premium, or payment.
- Browse Related Terms: Capital, Capital markets, Initial public offering (IPO), Investment bank, Issuer, Lead underwriter, Private placement, Red herring, Syndicate, Underwriter, Underwriting
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The purchase for resale of a new issue of securities by an investment dealer or group of dealers.
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The initial 60-day timeframe wherein the company processes and investigates the information provided on the application. The results of this process determine acceptability and premium rate.
The process an insurance company uses to decide whether to accept or reject an application for a policy.
- Browse Related Terms: Benchmark rate(s), Credit score, Non-Bound Application, Proof of loss, Quotation or Quote, Quote, Underwriter, Underwriting, Youthful Driver
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The process an insurance company uses to decide whether to accept or reject an application for a policy.
Texas Department of Insurance and Office of Public Insurance Counsel - Cite This Source - This Definition- Browse Related Terms: complaint, Material misrepresentation, Non-Bound Application, Settlement, Underwriter, Underwriting
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The process of classifying applicants for insurance by identifying such characteristics as age, sex, health, occupation and hobbies. People with similar characteristics are grouped together and are charged a premium based on the group's level of risk. The process includes rejection of unacceptable risks.
- Browse Related Terms: Mutual Life Insurance Company, Non-participating Insurance, Participating Insurance, Policy Dividend, Producer, Risk Classifcation, Stock Life Insurance Company, Underwriting
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Underwriting means insuring.
An insurance company underwrites your policy when it agrees to take the risk of insuring your life or covering your medical expenses in exchange for the premium you pay.
An investment bank underwrites an initial public offering (IPO) or a bond issue when it buys the shares or bonds from the issuer and takes the risk of having to sell them to individual or institutional investors to recover its investment.
- Browse Related Terms: Capital, Capital markets, Initial public offering (IPO), Investment bank, Issuer, Lead underwriter, Private placement, Red herring, Syndicate, Underwriter, Underwriting
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The analysis of the risk involved in making a mortgage loan to determine whether the risk is acceptable to the mortgage company. Underwriting involves the evaluation of the property as outlined in the appraisal, the borrower's ability to repay the loan, the borrower's creditworthiness and the application of criteria specified by investors to whom the mortgage company might sell or transfer mortgages.
State of Maine, Department of Professional and Financial Regulation - Cite This Source - This Definition- Browse Related Terms: Balloon Payment, Conventional Mortgage, Department of Veterans Affairs (VA), Federal Housing Authority (FHA), floating, Loan Term, Locking, Maine State Housing Authority (MSHA), Pest Inspection, Rate Lock, Rescission, Rural Development (RD), Underwriting
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process of examining all the data about a homeowner's property and income documentation to determine whether the mortgage modification should be issued. The person who does this is called an underwriter.
Departments of the Treasury & Housing and Urban Development, Making Home Affordable Program - Cite This Source - This Definition- Browse Related Terms: Chapter 13 Bankruptcy, Debt-to-income (DTI), Escrow, Escrow Account, Escrow Analysis, Forbearance, Home Affordable Unemployment Program (UP), Housing expense, Monthly Gross Income (MGI), Mortgage Payment, Mortgage Payment Guideline, Pricipal, interest, taxes, insurance and homeowners association dues (PITIA), Primary or Principal Residence, Repayment Plan, Servicer, Underwriting
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The portion of the premium for the remaining time period that the policy will not be in force.
- Browse Related Terms: Commission, Declarations (DEC) Page, Declarations page, Earned premium, Exclusions, Good Driver Plan, Grace Period, Policy period, Pro rata cancellation, Short rate cancellation, Unearned premium
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The portion of the premium for the remaining time period that the policy will not be in force.
The amount of a pre-paid premium that has not yet been used to buy coverage. For instance, if you paid in advance for a six-month premium, but then cancel the policy after two months, the company must refund the remaining four months of “unearned” premium to you.
Texas Department of Insurance and Office of Public Insurance Counsel - Cite This Source - This Definition- Browse Related Terms: Declarations page, Earned premium, Grace Period, Pro rata cancellation, Refund, Return premium, Short rate cancellation, Unearned premium
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A set of statutes enacted by the various States to provide consistency among the States' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading.
- Browse Related Terms: Alteration, Draft, Escrow agent, Financial instrument, Forgery, Negotiable, Power of attorney, Return Item, Uniform Commercial Code (UCC)
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