Liability Insurance: Insurance against legal liability to pay compensation and court costs where the insured has been found negligent in respect of injuries sustained by another person or damage to his/her property.

 

Related Words

Liability Insurance: Insurance against legal liability to pay compensation and court costs where the insured has been found negligent in respect of injuries sustained by another person or damage to his/her property.

Multiple Peril Insurance: Insurance policy that covers a wide variety of property damage.

Municipal Bond Insurance: An insurance policy that guarantees payment on municipal bonds in the event the issuer defaults.

Mortgagees Title Insurance: An insurance policy protecting the lender for the amount of the loan in the event of a future title dispute.

Mortgage Life Insurance: A life insurance policy that pays off the remaining balance of the insured person's mortgage at death.

Mortgage Insurance: A kind of insurance policy that will pay off the mortgage balance in the event of death, and in some policies, disability. Premiums are paid with the regular monthly mortgage payment.

Mortgage Insurance (PMI Or MI): Insurance that may be required when a loan is greater than 80% of the value of the home. This insurance protects the lender in the event a borrower fails to make his or her loan payments. Th . . . View Full Definition

Mortgage Insurance Premiums (MIP): Most FHA loans require the borrower to pay two mortgage insurance premiums: one upfront paid at closing, the second is an annual premium based on the loan balance each year.

Mutual Mortgage Insurance: Insurance premiums and other specified FHA revenues are paid into one of four FHA funds. Losses due to foreclosure are met from these funds.

National Insurance: A form of taxation, payable by employees, employers and the self employed, which is notionally to fund state benefits including pensions, sickness, unemployment and maternity. It is part of . . . View Full Definition