Private Mortgage Insurance (PMI)


 

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Private Mortgage Insurance (PMI)

Policy protecting the holder against loss resulting from default on a mortgage loan.



Private Mortgage Insurance (PMI)

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Accident, Sickness and Unemployment insurance

Accident, Sickness and Unemployment insurance

Income protection incorporating cover for loss of earnings arising from accident, sickness or unemployment. Usually paid out in the form of a monthly tax-free income to cover a portion of lost earnings and restricted to two years from the date of the first payment.


Variable life insurance

Variable life insurance

A form of cash value life insurance in which the cash value of the policy may be invested in shares and bonds etc. according to the insured's choice.


Guaranteed renewable policy insurance

Guaranteed renewable policy insurance

A type of insurance policy that requires the insurer to renew the policy to an individual regardless of health changes. No changes may be made to an individual policyholder unless the same change is applied to all policyholders.


Insurance principle

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The law of averages. The average outcome for many independent trials of an experiment will approach the expected value of the experiment.


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