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.
