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Property advice | Mortgage guide | Mortgage glossary

Mortgage guide: Mortgage glossary

Listings for U

- not in employment or receiving any regular salary; not self-employed. (Could be receiving state benefits.)

unemployment insurance
- see accident, sickness and unemployment insurance - (ASU). Insurance cover arranged by the borrower to protect against inability to meet mortgage payments.

This cover should more accurately be described as accident sickness and redundancy insurance as unemployment cover is generally seriously restricted to cover only events that are entirely beyond the control of the insured person. Typical exclusions include dismissal following professional misconduct and any act of voluntary redundancy. The accident and sickness cover will also be subject to major restrictions such as any act of self-injury or any injury related to the use of alcohol or drugs.

- property that is owned without borrowing or other legal charge over it.

unitised with profits
- a form of with-profits endowment which gives the insurer the ability to adjust, in certain circumstances, the value of bonuses already allocated in certain circumstances.

unit linked
- - investments purchased within a collective investment fund, the price of which is denominated by the underlying value of the investments within the fund.

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