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Uberimae Fidei.
The principle of utmost good faith, or disclosure, in completing
a life insurance proposal form.
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Ultra Vires. Action
outside the agreed powers of a particular body. Such an action
would be void.
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Umbrella Fund.
An offshore fund offering a variety of sub-funds allowing an investor
to switch between them, e.g. different currencies, different stockmarkets.
This formerly offered capital gains tax benefits, but these were
removed by the 1989 Budget.
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Unapproved Schemes.
See ‘FURBS’.
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Underfunded.
Generally refers to the valuation of an occupational pension fund
where the actuary perceives that there are insufficient funds
to support liabilities within the investment review period.
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Undertaking
for Collective Investment in Transferable Securities.
Essentially, unit trust-type investments which may be marketed
in any of the European Union member countries.
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Underwriting.
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Taking up shares not purchased by the public, for commission.
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Review and analysis of relevant factors affecting an insurance
proposal.
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Unfunded Unapproved Retirement Benefit Scheme. (UURBS)
A form of unapproved pension scheme. Benefits are promised by
an employer to an employee but are not pre-funded. The employer
established a "book reserve" to cover the potential
liability.
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Uniform Accrual.
Where benefits are treated as being earned equally (uniformly)
throughout the period of pensionable service.
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Uniform Business Rate.
Tax charged on business property.
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Unit
Linked. A life assurance, investment or savings
policy, under which the policyholder invests premiums into units
in a unit trust-type investment. Performance, therefore, is dependent
directly on current investment market conditions.
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Unit Trust. A collective
investment which invests in a range of assets e.g. equities, fixed
interest and cash. Can either be general fund or more specialist
investing particular type of asset e.g. property or geographical
area e.g. Far East.
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Unitised. See
'Unit Linked'.
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Units. When investing
in a unit linked contract, the individual’s contribution is used
to buy units of equal value. These units will fall or rise in
line with the underlying investments.
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Unlisted Securities.
Securities/shares not listed on an official stock exchange list.
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Unlisted Securities
Market. A market established in 1980 by the Stock
Exchange for those companies for whom a full listing is not suitable.
Joining and listing requirements much cheaper than the main market.
Market closed June 1995.
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Unsocial Hours.
A financial services legislation concept, concerning times not
to contact clients and prospective clients without prior approval.
Generally taken to be between the hours of 9pm to 9am, Monday
to Saturday, but will depend on the client and individual circumstances.
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Unsolicited Calls Regulations.
Financial services rules governing 'cold calling'.
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Uplifted Scale (Accelerated
Accrual). The Revenue permits pension and cash benefits
to accrue/grow at a rate in excess of the basic one sixtieth formula,
provided the scale from the Practice Notes is followed.
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Upper Band Earnings.
Total earnings between the Lower Earnings Limit and the Upper
Earnings Limit
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Upper Earnings
Limit. See ‘Lower
Earnings Limit’.
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