c. 1600, from under + belly (n.). In figurative sense of "most vulnerable part" it is recorded from Churchill's 1942 speech. Sometimes used erroneously or euphemistically in sense of "seamy or sordid part" of anything.
undeniable
under
under-achiever
underage
underarm
underbelly
underbid
underbred
underbrush
undercarriage
undercharge