Etymology
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underbelly (n.)

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.

updated on February 25, 2014

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Definitions of underbelly from WordNet

underbelly (n.)
lower side;
underbelly (n.)
the soft belly or underside of an animal's body;
Synonyms: underbody
underbelly (n.)
the quality of being weak or unprotected; "the soft underbelly of the Axis"- Winston Churchill;
Etymologies are not definitions. From wordnet.princeton.edu, not affiliated with etymonline.