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INSURANCE LEGAL GLOSSARY |
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Glossary of
Insurance Terms
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Managed Health Care Plans: A system that organizes a network of doctors, hospitals, and other providers to provide comprehensive health services to their members at lower costs.
Mandated Benefits: Health care benefits that state or federal law says must be include din health care plans.
Material Misrepresentation: A significant misstatement in an application form. For example, you did not tell the truth about a situation or medical condition at the time of applying for coverage which would have caused the company to deny you insurance if they had known the truth.
Maturity: The time at which the insurance contract is paid to the policyholder, if still alive.
Medical Payments: Insurance that pays the medical and funeral expenses for you or any passengers riding in your car at the time of an accident. Medical payments will provide coverage whether the accident was caused by you or someone else.
Medical Payments: This pays for medical and funeral expenses incurred in an auto accident, regardless of fault. It will also cover injuries sustained by passengers in your car, or while you're operating someone else's car (with their permission), in addition to injuries you or your family members incur when you're pedestrians.
Medical Savings Account (MSA): An account held in trust for the account holder. The employer or employee makes annual tax-free contributions to the account that must be maintained in conjunction with a high deductible health insurance policy.
Medically Necessary: A provision in a health care insurance policy that excludes coverage for treatment that is not “medically necessary”. This term may be defined differently from one health care plan to another.
Mortality Charge: The charges a company makes against the policy to cover the policy’s share of the cost of death claims, based upon a mortality table used by the insurance company. Also called the “cost of insurance”.
Mortality Savings: The remainder, if any, after subtracting experienced mortality from expected mortality. (LI)
Mortality Table: A statistical table that shows how long people are expected to live under various situations.
Mortality Table: A table showing the incidence of death at specified ages. It shows the number of persons in each age group that die, expressed in terms of deaths per thousand, and based on the deaths in a population of a million persons. (LI)
Mortgage Insurance: Insurance that allows a mortgagor (1) to pay off the balance due on his mortgage upon the death; or (2) to meet the payments on a mortgage as they fall due in the case of his death or disability.
Mortgage Redemption Insurance: A monthly reducing term policy used for Mortgage Insurance.
Multi-Car Discount: A discount offered by some insurance companies for those with more than one vehicle insured on the same policy. In some cases, if you drive a company car insured by your company, your own insurance company may give you the multi-car discount.
Multiple Employer Plans: Benefit plans that serve employees of more than one employer and are set up under collective bargaining agreements.
Multiple Employer Welfare Arrangements (MEWA): A type of employee association plan that provides benefits to employees of more than one employer.
Multiple Indemnity: A provision that some or all of the benefits under a policy will be increased by a stated multiple, such as 100% or 200%, in the event that a peril occurs in a specified way, e.g., double indemnity on Life Insurance for accidental death. (LI)
Multiple Protection Insurance: A combination of Term and Whole Life Insurance that pays some multiple of the face during the period of the Term policy, becoming a regular Whole Life policy after the Term policy expires. The multiple protection period is the period during which both the Term and the Whole Life coverage is in effect.
MVR - Motor Vehicle Record: A motor vehicle record, also referred to as DL printout, or MVR, contains information obtained from an individual's driver license application, abstracts of convictions and accidents.
Mortality Rate: The number of deaths in a group of people which is usually expressed as deaths per thousand. It can be the rate for the total population, called the crude mortality rate, or it can be refined by factors such as age groupings or causes of deaths.
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