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Long-Term Disability Insurance: Pays an insured a percentage of their monthly earnings if they become disabled.

Medigap Insurance Policies: Medigap insurance is offered by private insurance companies, not the government. It is not the same as Medicare or Medicaid. These policies are designed to pay for some of the costs that Med . . . View Full Definition

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.

Loss-Of-Income Insurance: Insurance coverage that will pay out income that a policyholder loses as a result of a disability, injury, or business disruption.

Long-Term Memory: The final phase of memory in which information storage may last from hours to a lifetime.

Long-Term Investor: A person who makes investments for a period of at least five years in order to finance his or her long-term goals.

Long-Term Liabilities: Amount owed for leases, bond repayment, and other items due after 1 year.

Long-Term Loss: A loss on the sale of a capital asset held less than 12 months that can be used to offset a capital gain.

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.