Underestimation means to consider the lower figure of your possible results whereas overestimation means to consider the higher figures. For example, you are asked to estimate the number of students in your class just by taking a glance. You are told to underestimate. Say there are 29 students in your class, you underestimate by stating there are about 25 or 20, depending if you are estimating by 5's or 10's.
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It means the same in math as it means else where--it means not reasonable. If you show mathematical steps that are not reasonable to solve a math problem or show a math proof, then your math is unreasonable.
In math it means 2 4 6 8 and not math means equal
In math decrease means minus and increase means plus
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intensive math means your one level behind regular math