Building Insurance, in fact insurance in general is an
enormously complex subject. Often you will encounter words that you
are unfamiliar with, we have provided a list of some of the most
popular terms and hope that they will prove useful to you.
Simply Click on the Letter Below to be Taken to your Page.
Managed Funds - Investment funds, that can also be used for
life insurance and pension plans, where the managers spread the
investments across a range of assets including company shares,
government stocks and property.
Marine, Aviation & Transport (MAT)
- The class of
insurance which covers damage to both the hull and cargo of
ships or aeroplanes, along with the liability for property
damage, injury and death to passengers and others. Indemnities
are also provided for the goods that may be lost or damaged
whilst in transit.
Market Value Excess of Investments
-
This is the difference
between the market value and the book value of a companies’
investments.
Market Value Reduction-
A reduction in the value of a claim on a
Unitised With-Profits Policy in order to reflect fairly the
movement of assets underlying the policy.
Material Fact -
A fact that would influence an insurer's
decision on whether to issue a policy, and on what terms and
conditions. You must state any material facts when you apply for
cover.
Maturity -
An agreed date when a life or pension policy comes to
an end, and the value is paid out.
Mechanical Breakdown Insurance
-
Covers against the cost of
breakdowns of household appliances or motor vehicles.
Minimum Income Guarantee (MIG)
-
This was a means-tested
benefit that helped individuals on low incomes at retirement. It
has now been replaced by the Pension Credit.
Money Purchase Schemes -
See Defined Contribution Schemes.
Mortgage Indemnity Insurance
-
Provides cover for a mortgage
lender for any loss they might suffer as a result of a property
on which they provided a loan being sold for less than the
amount of the loan.
Mortgage Payment Protection Policy - A type of Creditor
insurance that covers the policyholder against the inability to
make repayments due to accident, sickness and/or unemployment.
Mortgage Protection Policy
-
Life insurance designed to pay off
the outstanding mortgage if you die before the end of the
mortgage term.
Mortgage-Related Policy
-
A policy used both
to provide protection for a mortgage loan and as a savings
vehicle to repay the loan at maturity.
Motor -
Motor policies cover the legal liabilities arising
from the use of a motor vehicle. Private car, motorcycle,
commercial vehicles and fleets are all included within this
category. Comprehensive policies also cover damage to the
vehicle.
Motor Insurance Anti-Fraud and Theft Register
-
Computerised
record of claims for stolen or written-off vehicles. Used by
insurers to detect multiple, and therefore fraudulent, claims.
Mutual
- An insurance company which is owned by its
policyholders.
