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When a security is expected to appreciate at a slower rate than the rest of the market.


A firm (usually an investment bank) that buys an issue of securities from a company and resells it to investors.

Unit Investment Trust

Money invested in a portfolio whose composition is fixed for the life of the fund. These trusts can trade at a loss.

Universal Life

A whole-life insurance product whose investment component pays a competitive interest rate rather than the below-market crediting rate. Universal life insurance policies’ cash values are supported by the insurance company’s general account. Universal variable life cash values are supported by the insurance company’s separate account based on the selection of the investment option. Variable life insurance is offered by prospectus only. The prospectus contains details including charges and expenses. Please read the prospectus carefully before purchasing a policy. Life insurance policies contain exclusions, limitations, reduction of benefits and terms for keeping them in force. Insurance policies are the contractual obligation of the issuing insurance company.

Unlisted Stock

A security not listed on an exchange. An OTC security.


A term used to describe a transaction that took place at a higher price than the preceding transaction involving the same security.