UNSECURED Definition

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UNSECURED is obligation backed not by collateral but only by the integrity of the borrower. Opposite of secured.

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FIXED RATE MORTGAGE is a mortgage with level monthly payments determined at the outset of the mortgage and remaining constant throughout the life of the mortgage.

PUT OPTION is the right but not the obligation to sell an underlying at a particular price (strike price) on or before the expiration date of the contract. Alternatively, a short forward position with an upside insurance policy.

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