Arrow Financial Services

Jargon Buster

Jargon Buster



Results for letter: M


MARKET CAPITALISATION

The value of a company measured by the total stock market price of its shares, calculated by multiplying the number of shares by the current share price.

MONEY PURCHASE SCHEME

Also known as Defined Contribution Scheme. A pension scheme in which a member’s retirement benefits depends on the amount of contributions paid into the scheme by and/or for the member. The employer or policyholder decides the rate of the contributions.

MIG (MORTGAGE INDEMNITY GUARANTEE FEE)

If a bank or building society lends more than it’s usual ‘loan to value’ limit on a property, it may take out insurance to cover the risk of default. If it becomes necessary to repossess a property and the lender cannot recover the full amount of the original mortgage, the difference is covered by the insurance. The cost of the insurance is covered by the MIG fee, payable by the borrower.

MORTGAGE PAYMENT PROTECTION INSURANCE

Covers all or part of your monthly mortgage payment, plus an extra amount to cover mortgage related expenses for up to 12 months should you lose your income through an accident, sickness or unemployment.

MUTUAL COMPANY

A company which has no shareholders but is owned instead by its with profits policyholders.

MUTUAL FUND

An open-ended fund operated by an investment company, which raises money from shareholders and invests in a group of assets in accordance with a stated set of objectives. Shares are issued and redeemed on demand.

MICROPAL STAR RATINGS

Micropal is an independent Mutual Fund analyst which monitors all the UK’s unit trust and OEICs (Open Ended Investment Company) and awards stars on a scale of 0-5, with the highest scores going to the best performing funds.

MIP (MAXIMUM INVESTMENT PLAN)

An endowment policy (unit linked) that’s designed to produce maximum profit marketed by a life assurance company rather than life assurance protection.

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