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English definition of “PMI”

PMI

noun
 
 
[U] INSURANCE abbreviation for Private Medical Insurance: medical insurance that you pay to use, rather than using the public health system: PMI means that if you suffer an acute illness you can get treatment at a time and place that suit you.
[S] ECONOMICS abbreviation for Purchasing Managers' index
[U] INSURANCE US abbreviation for Private Mortgage Insurance: a type of insurance in the US that is paid by someone borrowing money to buy a house. The insurance protects the lender against a fall in the value of the house if the borrower cannot pay back the loan: A $500,000 mortgage may come with a monthly PMI bill of $250. →  Compare MIP
(Definition of PMI from the Cambridge Business English Dictionary © Cambridge University Press)
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