An instrument by which the probabilities of life and probabilities of death can be measured. The basis is the ratio of the number of persons dying at any age to the number of persons alive at the beginning of the year of that age. Mortality and interest rate factors enable actuaries to produce life insurance ‘net premium’ calculations.
Insurance Encyclopedia
Mortality table (Life Insurance)
A table that displays the frequency of death at particular ages. Usually, the table also shows deaths by age group, deaths by thousands, and deaths based on a population of a million.
Mortgage
A deposit or conditional transfer to secure the performance of some act: The person who makes the transfer is called the “mortgagor,” the other party, the “mortgagee,” sometimes an intermediary called a “trustee” is appointed.
Mortgage (Legal Terminology)
An interest in a property given by the property owner, known as the mortgagee, to a lender, known as the mortgagor, in exchange for a loan of money.
Mortgage clause (Property Insurance)
A clause found in a direct damage policy taken on a mortgaged property. This clause specifies that reimbursement for any loss will be paid to the mortgagee, and that the mortgagee’s right to recovery will not be overcome by the insured’s negligence.
Mortgage Guarantee
A guarantee to a mortgagee that the sums owing to him will be paid.
Mortgage Guarantee Certificate
A certificate issued by the insurer of property to a mortgagee undertaking to inform the mortgagee if the insurance is changed to his detriment and not to settle a loss without the mortgagee’s consent.
Mortgage holders errors and omissions coverage form (Property Insurance)
Commercial property form that protects mortgage holders from any losses stemming from errors or omissions.
Mortgage impairment insurance
Indemnifies mortgage lenders against loss due to ‘portfolio’ properties sustaining uninsured or under-insured damage. The policy is triggered when damage is due to perils against which the mortgagor was required to insure. The policy also responds if the insured mortgagor is unable to recover under his policy for reasons such as insolvency of the insurer concerned. The insured is also protected against its own negligence in failing to maintain a valid insurance as required by any mortgage deed.
Mortgage indemnity insurance
Financial guarantee insurance covering a mortgage lender for any loss incurred when the mortgagor has defaulted and the property is sold for less than the amount of the loan. A Lloyd’s syndicate wishing to underwrite mortgage indemnity on ships or aircraft must first obtain approval from the War, Civil War and Financial Guarantee Committee.