Meaning of “MIP” in the English Dictionary

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"MIP" in Business English

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MIPnoun [ C ]


abbreviation for mortgage indemnity premium: a type of insurance in the UK 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:

Most building societies insist on an MIP for loans over 90%.

(Definition of “MIP” from the Cambridge Business English Dictionary © Cambridge University Press)