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Upper Earnings Limit (National Insurance) - when your earnings exceed this limit you do not pay any National Insurance on the excess. (Employers contributions however are not limited and rise with your income). Also note that the additional 1% from 06/04/2003 will not be subject to the UEL.

Underwriter - insurance expert who determines whether or not to take on a risk, and if so, at what rate.

Unit Linked - the fund reflects the asset base.

Unit Trust - a type of investment structure.

Utmost Good Faith - in insurance you are obliged to tell the company anything that you think might be relevant, or risk not being covered.