Definitions for "underlying"
In an option contract, the security or commodity that is delivered when the...
Security that parties agree to exchange under conditions in a derivative contract.
This is the asset specified in an option contract that is transferred when the option contract is exercised, unless cash-settled. With cash-settled options, only cash changes hands, based on the current price of the underlying.
Implicit; not immediately obvious; requiring careful scrutiny to discover; as, the underlying sarcasm in her seemingly innocuous remark..
Fundamental; basic; as, underlying principles; underlying causes.
being or involving basic facts or principles; "the fundamental laws of the universe"; "a fundamental incompatibility between them"; "these rudimentary truths"; "underlying principles"
Keywords:  beneath, strata, lying, below, locality
Lying under or beneath; as, the underlying strata of a locality.
located beneath or below
in the nature of something though not readily apparent; "shortcomings inherent in our approach"; "an underlying meaning"
Keywords:  incidental, excluding, items
Excluding incidental items.
In respect to excess of loss reinsurance coverages, refers to that amount of risk reinsured in terms of possible primary or first-loss, which is deductible before the insurance or reinsurance comes into action.
Keywords:  variable
a variable (i