MATURITY
The time at which the survival benefits accruing under an endowment policy or the proceeds of another investment become payable.

MARINE INSURANCE
Insurance of ships. This may include marine hull (ie the ship itself), cargo (ie the ship's contents) and damage to third parties and the environment.

MEDICAL INSURANCE
Medical insurance covers the costs of medical treatment and provides medical care and facilities during recovery.

MEMBER
A person who participates in a pension scheme.

MORBIDITY
Technical word for "sickness

MORTALITY
"Technical" word for "death".

MORTGAGE
A LOAN that is SECURED on a property. The lender is entitled to take possession of the property and sell it if the terms of the agreement are broken.

MOTOR FLEET INSURANCE
Motor insurance covering a fleet (ie a group) of vehicles under a single policy. For example, a policy may cover all the company cars used by the employees at a particular company or all the delivery vans used by a particular manufacturing organisation.

MOTOR INSURANCE
Insurance that provides protection to the owners of motor vehicles. Basic cover for injury to THIRD PARTIES and damage to their property is compulsory in the UK. Comprehensive insurance also protects motorists against loss of or damage to their own vehicles (eg from accidents, fire or theft).

MUTUAL INSURER
An insurer with no outside shareholders. The company's profits are used to provide bonuses to policyholders or reduce premium rates or improve services. See also: PROPRIETARY COMPANY

NET PREMIUM
A premium calculated with no allowance for expenses. Same as: RISK PREMIUM, PURE PREMIUM.
See also: OFFICE PREMIUM.

NOMINAL VALUE
The face value of an investment. For example, a loan stock may be issued in units of £100 nominal. The nominal amount defines the amount of each coupon payment and the amount of the redemption payment.

NON CONTRIBUTORY PENSION SCHEME
A pension scheme in which members are not required to make contributions. The cost of the scheme is met by the employer. See also: CONTRIBUTORY PENSION SCHEME.

NON LIFE BUSINESS
Another name for GENERAL INSURANCE.

NORMAL RETIREMENT
Retirement on attainment of a specified age (eg 60 or 65) at which workers at a particular company usually retire.

OCCUPATIONAL PENSION SCHEME
A pension scheme sponsored by employers.

OVERSEAS INVESTMENT
Investment in another country eg in a Japanese company or a US government bond.