Meaning of “PMI” in the English Dictionary

"PMI" in Business English

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uk us

[ 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.

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