mortality and expense risk charge

mortality and expense risk charge
/mɔ:ˌtælɪti ən ɪkˌspens 'rɪsk tʃɑ:dʒ/ noun
an extra charge to pay on some annuities to guarantee that if the policyholder dies his heirs will receive a benefit, and also that the insurance company will be compensated for an annuitant who lives longer than he or she should according to the mortality tables.
Also called M&E fee

Dictionary of banking and finance. 2015.

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