Insurance and risk management terminology · MLC-0106

Insurance and risk management terms: M (191)

• Maintenance, cure, and wagesA set of legal obligations owed by shipowners to seamen injured or falling ill while in service of the...
• Major hospitalization insuranceA type of health insurance designed to cover the costs associated with serious illnesses or injuries...
• Major life activityA fundamental activity that an average person can perform with little or no difficulty, as defined under the...
• Major medical insuranceA broad form of health insurance that provides extensive coverage for serious illnesses and injuries...
• Major shareholder exclusionA provision in a Directors and Officers (D&O) liability insurance policy that excludes coverage for claims...
• Malicious codeSoftware or programming designed to disrupt computer operations, gather sensitive information, or gain...
• Malicious prosecutionA tort claim alleging that a party initiated or continued a legal proceeding without probable cause and with...
• MalpracticeProfessional negligence or misconduct by a professional, such as a doctor, lawyer, or accountant, that...
• Malpractice insuranceProfessional liability insurance that protects professionals, such as doctors, lawyers, and accountants...
• MalwareSoftware designed to cause damage to a computer, server, or network, or to gain unauthorized access to data...
• Managed careA system of healthcare delivery that aims to control costs and improve the quality of medical services for...
• Managed care coverage endorsementAn addition to a healthcare professional liability policy that extends coverage for claims arising from the...
• Managed care liability insuranceA specialized professional liability coverage designed for organizations that provide managed healthcare...
• Managed care organization MCOAn entity that integrates the financing and delivery of healthcare services to its members, often through a...
• Managed prescription drug planA health insurance benefit that provides coverage for prescription medications through a structured network...
• Management advisory services MASProfessional consulting services provided to an organization's management to improve its strategy...
• Management liability insuranceA broad category of insurance that protects companies and their directors, officers, and managers from claims...
• Management Liability Insurance Specialist MLIS®A professional designation awarded to individuals who have demonstrated expertise in the field of management...
• Managing general agent (MGA)An insurance intermediary who acts as a wholesale agent with the authority to underwrite, price, and bind...
• Managing general underwriter (MGU)An authorized agent of an insurer that has the authority to perform underwriting functions, bind coverage...
• Mandated reporterAn individual who, by virtue of their profession, is legally required to report suspected cases of child...
• Mandatory arbitration provisionA clause in an insurance policy or other contract that requires any disputes between the parties to be...
• Mandatory purchaseUnder the provisions of the Flood Disaster Protection Act of 1973, individuals, businesses and others buying...
• Mandatory securities valuation reserveA statutory reserve required by state regulators for life insurance companies to cushion surplus against...
• Mangrove standAn assemblage of mangrove trees which are mostly low trees noted for a copious development of interlacing...
• Manifestation theoryA legal doctrine used in insurance to determine which policy applies to a loss that develops over time, such...
• Manual premiumThe premium calculated for an insurance policy based on standard rates published in an insurer's rate manual...
• Manual ratesStandard insurance rates published in a manual, used as a baseline for calculating premiums for specific...
• Manufactured home park or subdivisionA parcel (or continuous parcels) of land divided into two or more manufactured home lots for rent or sale...
• Manufactured (mobile) home1. A structure built on a permanent chassis, transported to its site in 1 or more sections and affixed to a...
• Manufactured (mobile) home park or subdivision, existing1. A manufactured (mobile) home park or subdivision for which the construction of facilities for servicing...
• Manufactured (mobile) home park or subdivision, expansion to existing site1. The preparation of additional sites by the construction of facilities for servicing the lots on which...
• Manufactured (mobile) home park or subdivision, new1. A manufactured (mobile) home park or subdivision for which the construction of facilities for servicing...
• Manufacturers and contractors insurance (M&C)A type of general liability insurance designed to protect manufacturers and contractors from claims of bodily...
• Manufacturers output policy MOPA specialized property insurance policy designed for manufacturers, providing broad coverage for raw...
• Manufacturers penalty insuranceA specialized form of liability coverage that indemnifies a manufacturer for certain financial penalties or...
• Manuscript certificate of insuranceA document issued by an insurer that attests to the existence of an insurance policy and summarizes its key...
• Manuscript form or policyAn insurance policy or endorsement that is custom-drafted to meet the specific and unique needs of an...
• Map revisionA change in the Flood Hazard Boundary Map (FHBM) or Flood Insurance Rate Map (FIRM) for a community which...
• Margin clauseA provision in a property insurance policy that allows for a specified percentage increase in the declared...
• Marina operators legal liability coverageInsurance protection for marina operators against claims of legal liability for damage to vessels or other...
• Marine insuranceA category of insurance covering loss or damage to vessels, cargo, or any property during transit over water...
• Marine surveyA detailed inspection of a vessel conducted by a qualified specialist to assess its condition, construction...
• Market conductThe manner in which insurance companies and their agents interact with policyholders and the public...
• Market conduct examAn investigation conducted by state insurance regulators to assess an insurer's compliance with laws and...
• Market cyclesThe recurring patterns of hardening and softening within the insurance industry, characterized by...
• Market riskThe potential for losses arising from adverse movements in market prices or rates, such as interest rates...
• Market service agreement (MSA, PSA)A contract between an insurance producer and another entity, such as a real estate brokerage or mortgage...
• Market valueThe price at which an asset or liability would trade in a competitive marketplace between willing buyers and...
• Market value clauseA provision in an insurance policy that specifies how the value of insured property will be determined at the...
• Marketplace platformAn online system that connects insurance buyers with multiple insurance providers, allowing for comparison...
• Masonry noncombustible construction (ISO)A construction classification used by the Insurance Services Office (ISO) for rating property insurance...
• Masonry wallsWalls constructed of individual components laid in and bound together with mortar. These components can be...
• Master policyA single insurance contract issued to an organization or group, such as an employer, association, or trust...
• Master service agreement MSAA contract between two parties that outlines the general terms and conditions that will govern future...
• Matching deductibleA deductible structure in property insurance where the deductible amount for a specific peril, such as...
• Material misrepresentationA false statement of a material fact made by an applicant for insurance that influences the insurer's...
• MatureDescribing an insurance policy or financial instrument that has reached the end of its term or the point at...
• Mature claims-madeA claims-made liability insurance policy that has been in force for several years, typically five or more...
• MaturityThe point in time when an insurance policy or financial contract reaches its full term or when its...
• Maturity dateThe specific calendar date on which an insurance policy or financial instrument concludes its term and its...
• Maturity valueThe total amount payable to the policyholder or beneficiary when an insurance policy or financial instrument...
• Maximum disability income policy (MDP)A type of disability insurance designed to provide the highest possible monthly benefit to a high-income...
• Maximum foreseeable loss (MFL)An estimate of the largest loss that could reasonably be expected to occur under normal operating conditions...
• Maximum plan limitsThe highest amount that an insurance plan will pay for covered services or benefits over a specified period...
• Maximum possible loss (MPL)An estimate of the worst-case scenario loss that could occur from a single event, assuming the failure of all...
• Maximum premiumThe highest possible premium that an insured might pay under a retrospective rating plan or a participating...
• McCarran-Ferguson Act (Public Law 15) of 1945A United States federal law that exempts the business of insurance from most federal regulation, leaving its...
• MCS-90 endorsement (MCS-90)A mandatory endorsement attached to liability insurance policies for motor carriers, guaranteeing that the...
• Mean reserveA method of calculating the actuarial reserve for a life insurance policy, representing the average of the...
• Means and methods of constructionThe specific techniques, sequences, equipment, and procedures used by a contractor to execute a construction...
• Mean/variance/covariance risk modeling method (MVC)A quantitative approach in risk management that assesses investment portfolios based on the expected return...
• Mechanical equipmentThe National Flood Insurance Program (NFIP) requires that all mechanical equipment in new or substantially...
• Mechanism of injuryThe physical process or event that produces a traumatic injury, detailing the forces, energy transfer, and...
• Media liability coverageInsurance protection for businesses and individuals involved in content creation and dissemination against...
• Media wrongful act (cyber coverage)A coverage component within cyber liability insurance that protects against claims arising from certain...
• MediationA non-binding dispute resolution process where a neutral third party facilitates communication and...
• Mediation incentive deductibleA provision in an insurance policy that reduces the policyholder's deductible if they agree to participate in...
• MedicaidA joint federal and state program that provides health coverage to low-income individuals and families...
• Medical fee scheduleA state-mandated list of maximum allowable reimbursement amounts for medical services and procedures provided...
• Medical Injury Compensation Reform Act of 1975 (MICRA)A California state law enacted to limit medical malpractice liability and control healthcare costs. It places...
• Medical malpractice "caps"Legislative limits placed on the amount of damages, particularly non-economic damages like pain and...
• Medical malpractice insuranceProfessional liability insurance specifically designed for healthcare professionals and institutions to...
• Medical payments, autoAn optional coverage in an automobile insurance policy that pays for reasonable and necessary medical...
• Medical payments, general liabilityCoverage within a general liability policy that pays for reasonable medical expenses for bodily injury to a...
• Medical payments, homeownersA component of a homeowners insurance policy, known as Coverage F, that pays for minor medical expenses for...
• MedicareA federal health insurance program in the United States primarily for individuals aged 65 or older, certain...
• Medicare fraud and abuse insuranceSpecialized insurance coverage that protects healthcare providers and organizations from the financial risks...
• Medicare, Medicaid, and SCHIP Extension Act of 2007 MMSEAFederal legislation that mandates reporting requirements for certain settlements, judgments, awards, or other...
• Medicare set-asideA financial arrangement that allocates funds from a workers' compensation or liability settlement to pay for...
• Medigap policyA supplemental health insurance policy sold by private companies to cover costs not paid by Original...
• Med-malA colloquial abbreviation for medical malpractice insurance, which provides coverage for healthcare...
• Members of Lloyd's of LondonThe individuals and corporate bodies that provide the capital to underwrite insurance risks within the...
• Membership accountingThe set of accounting principles and practices used to record and report the financial activities of a...
• Mental impairmentA condition affecting an individual's cognitive or emotional functioning that substantially limits one or...
• Mental-mental injuriesWork-related psychological or emotional conditions that arise without an accompanying physical injury, such...
• Menu-driven policyAn insurance policy structure that allows the policyholder to select from a range of optional coverages and...
• Mercantile open stockA type of commercial crime insurance coverage that protects businesses against loss of merchandise, stock...
• Mercantile robberyA commercial crime insurance coverage that protects businesses against the loss of money, securities, and...
• Mercantile safe burglaryA commercial crime insurance coverage that protects businesses against the loss of money, securities, and...
• Merger and acquisition litigationLegal disputes that arise during or after the process of combining two or more companies. These lawsuits...
• Merger objection lawsuitA legal action filed by shareholders of a company that is being acquired, alleging that the terms of the...
• #MeToo movementA social movement against sexual harassment and assault, where individuals publicly share their experiences...
• Mexico coverageAn endorsement to a U.S. auto insurance policy, or a separate policy, that extends coverage for accidents...
• Micro-captiveA small insurance company established by a business to insure its own risks, qualifying for favorable tax...
• MicroinsuranceInsurance products designed to protect low-income individuals and families in developing countries against...
• Migrant and Seasonal Agricultural Worker Protection Act of 1983 (MSAWPA)A federal law that establishes employment standards for farm labor contractors, agricultural employers, and...
• Military service exclusionA provision in an insurance policy that excludes coverage for losses or injuries that occur while the insured...
• Mill constructionA type of building construction characterized by heavy timber framing, thick plank floors, and masonry...
• Miller Act of 1935A federal statute requiring contractors on certain federal construction projects to provide payment and...
• Million Dollar Round Table (MDRT)An independent association of leading life insurance and financial services professionals from around the...
• Mine subsidence coverageInsurance protection against damage to structures caused by the collapse or shifting of land due to...
• Mineral leaseA contractual agreement granting a party the right to explore for, extract, and produce minerals from a...
• Minimum and deposit premium (M&D)The lowest premium amount an insurer will accept for a policy, paid at the beginning of the policy period...
• Minimum deposit policyA type of life insurance policy where the policyholder pays only the minimum premium required to keep the...
• Minimum premium (MP)The smallest amount of premium an insurer will charge for a particular policy, regardless of the calculated...
• Ministerial exceptionA legal doctrine that exempts religious organizations from certain employment discrimination laws when hiring...
• Mini-tailA limited extension of coverage under a claims-made liability policy, providing protection for claims...
• Mini-trialA voluntary, non-binding dispute resolution process where attorneys present their cases to a neutral advisor...
• Minor's compromiseA legal process for obtaining court approval of a liability claim settlement involving a person under the age...
• Miscellaneous medical facilitiesHealthcare providers that do not fit into traditional categories such as hospitals or physician practices...
• Miscellaneous professional liability coverageA type of professional liability insurance designed for professions that do not fall into more specific...
• Miscellaneous type vehiclesA category of vehicles that do not fit into standard auto insurance classifications, such as cars, trucks, or...
• Misclassification claimsLegal actions brought by workers alleging they have been incorrectly categorized as independent contractors...
• Misrating1. The premium charged is incorrect because one or more of the rating characteristics used to determine the...
• MisrepresentationA false statement of a material fact made by an applicant for insurance, which influences the insurer's...
• Misstatement of age provisionA standard clause in life and health insurance policies that allows the insurer to adjust benefits if the...
• Mix of servicesThe range and combination of professional activities and offerings provided by an individual or organization...
• Mixed-motive evidentiary standardA legal standard in discrimination cases where an employee demonstrates that an unlawful reason, such as...
• Mixed-use building1. A building that has both residential and non-residential uses.
• Mobile equipmentMachinery and vehicles that are not licensed for road use and are primarily designed for off-road operations...
• Mobile home policyAn insurance policy specifically designed to cover mobile homes, manufactured homes, and sometimes modular...
• ModelA simplified representation of a real-world system or process, used in insurance and risk management to...
• Model actA draft of a law proposed by an organization, such as the National Association of Insurance Commissioners...
• Modification factorA numerical factor, also known as an experience modification rate (EMR), applied to an employer's workers'...
• Modified fire resistive constructionA type of building construction that uses materials and designs to resist fire for a specified period, but to...
• Modified life insuranceA type of whole life insurance policy with a lower premium for an initial period, such as the first three to...
• Modified premiumA premium structure where the initial payments are lower than subsequent payments, or vice versa, over the...
• Modular buildingA building that is usually transported to its site on a steel frame or special trailer because it does not...
• Monetary thresholdA specific dollar amount of medical expenses or damages that must be met before an injured party can sue for...
• Money and securities broad form policyA commercial crime insurance policy providing coverage for the loss of money and securities resulting from...
• Money orders and counterfeit paper currency insuranceCoverage that protects businesses from financial losses resulting from the acceptance of invalid money orders...
• MonolineAn insurance policy that covers only one type of risk or line of business, rather than combining multiple...
• Monopolistic state fundsState-operated workers' compensation insurance carriers that are the sole providers of coverage within their...
• Monte Carlo simulation MCSA computational technique that uses random sampling to model the probability of different outcomes in a...
• Montrose doctrineA legal principle, originating from a California Supreme Court case, that addresses when an insurer's duty to...
• Montrose provisionA specific clause included in some liability insurance policies, particularly in California, designed to...
• Moonlighting coverageProfessional liability insurance that protects an individual for work performed outside of their primary...
• Moral hazardThe increased likelihood of a loss occurring, or the tendency for individuals to take greater risks, because...
• Morale hazardA hazard that arises from an individual's careless or indifferent attitude towards preventing a loss, often...
• MorbidityThe incidence and prevalence of disease, illness, injury, or disability within a population. In insurance...
• MortalityThe incidence of death within a population, a key factor in life insurance and annuity product design and...
• Mortality tableA statistical tool that displays the probability of death at each age within a given population, derived from...
• Mortgage impairment insuranceCoverage for a lender against losses arising from damage to mortgaged property when the borrower's own...
• Mortgage insuranceProtection for a lender against losses that result from a borrower defaulting on a mortgage loan. This...
• Mortgage portfolio protection programA program designed to help lending institutions to maintain compliance with the Flood Disaster Protection Act...
• Mortgage redemption insuranceA type of life insurance policy designed to pay off the outstanding balance of a mortgage loan upon the death...
• Mortgage-backed securityA financial instrument that represents an ownership interest in a pool of mortgage loans. Investors in...
• MortgageeThe lender in a mortgage agreement, who receives a security interest in the borrower's property as collateral...
• Mortgagee clauseA provision in a property insurance policy that protects the financial interest of a mortgagee (lender) in...
• MortgagorThe borrower in a mortgage agreement, who pledges their property as collateral for a loan from a mortgagee...
• Most favored venue wordingA policy provision in a cyber liability or other professional liability policy that dictates the jurisdiction...
• MotionA formal request made to a court or tribunal by a party in a legal proceeding, asking for a specific ruling...
• Motion in limineA pre-trial motion filed by a party in a lawsuit, asking the court to exclude certain evidence from being...
• Motion practiceThe process of making formal requests to a court for an order or ruling on a specific issue during...
• Motion to dismissA formal request by a party in a lawsuit, asking a court to reject a complaint or parts of it without a...
• Motor Carrier Act of 1980 (MCA)A federal law that significantly deregulated the trucking industry in the United States. It eased entry...
• Motor carrier policyAn insurance contract designed to cover the liabilities and property risks of businesses that transport goods...
• Motor home policyAn insurance contract designed to cover recreational vehicles that combine living quarters and a motor...
• Motor truck cargo (MTC)An insurance policy that protects carriers against financial loss arising from damage or loss to the goods...
• Motor vehicleA self-propelled land vehicle, such as a car, truck, or motorcycle, that does not run on rails. For insurance...
• Motor vehicle insurance lawThe body of statutes and regulations governing the mandatory purchase and operation of insurance for motor...
• Motor vehicle record (MVR)A report detailing an individual's driving history, including traffic violations, accidents, and license...
• Motor vehicle registration lawA state statute requiring owners to register their vehicles with a government authority, such as a department...
• Motorcycle insuranceCoverage that protects motorcycle owners against financial losses from accidents, theft, or other damages to...
• MudflowA river of liquid and flowing mud on the surfaces of normally dry land areas, as when earth is carried by a...
• Multiemployer pension and benefit plansRetirement or welfare benefit plans maintained under one or more collective bargaining agreements to which...
• Multifamily buildingAn Other Residential Building that is not a condominium building.
• Multi-period excess earnings method (MPEE)A valuation technique used to determine the fair market value of intangible assets, such as brands or...
• Multiple coordinated policiesA risk management arrangement where an entity holds several separate insurance policies designed to work in...
• Multiple employer welfare arrangement (MEWA)An employee welfare benefit plan that provides benefits to the employees of two or more unrelated employers...
• Multiple indemnityA provision in a life insurance policy that increases the death benefit payable if the insured's death...
• Multiple protection insuranceA type of life insurance policy that combines whole life insurance with decreasing term insurance. It...
• Multiple trigger insurance contractsInsurance or reinsurance agreements where the payment of a claim is contingent upon the simultaneous or...
• Multiplied damagesA monetary award in a lawsuit where the compensatory damages determined by the court are increased by a...
• Mutual additional insured statusA contractual arrangement where two parties agree to name each other as additional insureds on their...
• Mutual benefit associationA non-profit organization that provides insurance or other financial services to its members, who are also...
• Mutual companyAn insurance company that is owned by its policyholders rather than by shareholders. Policyholders typically...
• Mutual fundAn investment vehicle that pools money from multiple investors to purchase a diversified portfolio of stocks...
• Mutual law enforcement agreementsFormal contracts between two or more law enforcement agencies that establish terms for providing assistance...
• MutualizationThe process by which a stock insurance company, owned by shareholders, converts into a mutual insurance...

191 of 3,748 terms in Insurance and risk management terminology (MLC-0106). Request the full dataset.