Glossary

M

Marine and aviation insurance also referred to as offshore/space and transportation insurance

Insurance covering damage occasioned during carriage (by sea, river, land, or air) to the means of transport ("hull"), excluding motor-driven land vehicles, and to the goods carried ("cargo"), and third party liability incurred by the carrier.

Mathematical reserve

Amount that a Life insurance or capitalisation company must set aside and capitalise in order to meet its commitments to the insured.

Mortality

The relative incidence of death of Life insureds or annuitants.