- Mail Order Insurer: An insurance
company that sells insurance policies through the mail,
or other mass media, eliminating a need for agents.
|
- Maintenance Bond: A bond that
guarantees against defects in workmanship or materials for
a stated period of time after the acceptance of the completed
work.
|
- Major Medical Insurance: Health
insurance that provides benefits for major illness and injury.
Usually characterized by a large benefit maximum ranging
up to $5,000,000.00, or no limit. This insurance, above
an initial deductible, reimburses the major part of charges
for hospital, doctor, private nurses, medical appliances,
prescribed out-of-hospital treatment, drugs, and medicines.
|
- Malpractice: Improper care,
conduct, or treatment by a physician, hospital, or other
provider of health care.
|
- Malpractice Insurance: Coverage
for a professional practitioner, such as a doctor or a lawyer,
against liability claims resulting from alleged malpractice
while professional services were performed.
|
- Managed Care: A health care
system that delivers appropriate health care services to
covered individuals by arrangements with selected providers.
|
- Manual Rate: The premium rate
developed for a group insurance coverage from standard rate
tables normally referred to as its rate manual.
|
- Marine Insurance: A form of
insurance primarily concerned with means of transportation
and communication, and with goods in transit.
|
- Marital deduction: A reduction
of an estate for estate tax purposes, which is available
if the decedent is survived by his or her spouse.
|
- Master Policy: Two definitions:
(1) An insurance policy that is issued to an employer or
trustee, establishing a group insurance plan for designated
members of an eligible group, or (2) A property insurance
policy issued to an insured who may issue certificates of
insurance to cover properly of others.
|
- McCarran-Ferguson Act: The Federal
Law passed in 1945 stating that continued regulation of
the insurance industry by the states is in the public interest
and that federal antitrust laws apply to insurance only
to the extent that the industry is not regulated by state
law.
|
- Medicaid: State programs of
public assistance to persons whose income and resources
are insufficient to pay for health care.
|
- Medical Examination: An examination
given by a qualified physician to determine to the insurability
of an applicant.
|
- Medical Expense Insurance: A
type of health insurance that provides benefits for expenses
incurred for medical care, such as: expenses of physicians,
hospital, nursing, and related health services, and supplies.
|
- Medical Payments Insurance:
A coverage, available in various automobile and liability
insurance policies, in which the insurer agrees to reimburse
the insured and others, without regard for liability.
|
- Medicare: The United States
federal government program of Hospital Insurance (Part A)
and Supplementary Medical Insurance (Part B) protection
provided under the Social Security Act.
|
- Miscellaneous Expenses: Any
expenses in connection with hospital insurance, hospital
charges other than room and board, such as X-rays, drugs,
laboratory fees, etc.
|
- Misrepresentation: A false,
incorrect, or incomplete statement of a material fact, made
in the application for a policy.
|
- Mode of Premium Payment: The
frequency which premiums are paid monthly, quarterly, semiannually,
or annually.
|
- Moral Hazard: A hazard arising
from any nonphysical, personal characteristic of a risk
that increases the possibility of loss.
|
- Morbidity: Relative incidence
of a disease.
|
- Morbidity Tables: Actuarial
statistics showing the frequency and duration of a sickness.
|
- Mortality Table: A table showing
how many members of a group, starting at a certain age,
will be alive at each succeeding age.
|
- Multi-Peril Policy: A package
policy which provides protection against a number of separate
perils in one contract.
|
- Mutual Insurance Company: An
insurance company in which the ownership and control is
vested in the policyholders and a portion of surplus earnings
returns to the policyholders.
|
Back to the Glossary
|
