Insurance Terms: M

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Insurance Terms-L
  • Managed Care is a comprehensive health care arrangement between an employer and/or an insurance company. Selected medical and health providers agree to offer care for a discounted rate to the membership of the plan. Managed care systems use the established medical protocols and procedures generally agreed by the medical community as cost effective.
  • Marine Insurance is insurance coverage on goods while they are in transit, and the commercial vehicle insurance for the vehicle transporting goods, over water and over land. Marine Insurance is a term that may be used referring to Inland Marine Insurance but generally Marine Insurance applies to ocean marine insurance. Marine Insurance may include coverage for damage or destruction of a ship’s hull and cargo and the perils of collision, sinking, capsizing, stranded, fire, piracy, and jettison of cargo in order to save the ship.
  • McCarrin-Ferguson Act is the federal law established in 1945 where Congress decided each state would continue to regulate the insurance business of their own state. The McCarrin-Ferguson Act gives insurance companies a limited exemption from federal antitrust legislation.
  • Mediation is a nonbinding procedure where an uninvolved third party tries to help resolve a conflict between two other people.
  • Medicaid is a federal and/or state funded public assistance program. Medicaid was created in 1965 and is a program administered by each state for people living in that state with income and resources defined as insufficient in order to cover the costs of health care.
  • Medical Payments Insurance is a type of insurance coverage in where the insurance company reimburses the policyholder and/or others to the policy limits for medical or funeral costs. Due to bodily injury or death caused by an accident. Usually the Medical payments are covered that pays regardless of fault. Commonly seen in some states Auto Insurance Medical Payments Insurance Coverage.
  • Medicare is a federal public assistance program for people 65 years and older. Medicare is insurance coverage that will pay a portion of hospitalization, surgery, doctors’ bills, home health care, and skilled-nursing care costs.
  • Medicare supplement insurance is also commonly called Medigap, us a health insurance coverage that will pay benefits for services not covered under the government’s basic public assistance Medicare plan. Medigap plans cover may offer coverage for prescription drugs.
  • Moral Hazard In the Business of Insurance Moral Hazards are what is known as the possibility that a person may act dishonestly in an insurance transaction.
  • Mortgage Guarantee Insurance is insurance coverage for the mortgagee or finance company insuring their interest in the property in the event the mortgage or loan holder defaults on the financing or loan agreement. Often called Private Mortgage Insurance (PMI).
  • Mortgage Insurance is a form of decreasing Term Life insurance covering the life of a person entering a mortgage or loan agreement. The death benefits pay the balance of the loan due at the time of death. The amount of coverage decreases as the loan is paid down. There are many options and types of term life mortgage insurance products.
  • Medical Savings Account (MSA) also known as Health Savings Accounts (HSA) are tax-deferred trust or savings account, where money is set aside to cover routine, out-of-pocket health care costs. These plans are often offered as part of an employment benefit plan.
  • Multiple Peril Policy is an insurance term that implies package policy including several risks and covered perils. Homeowner Insurance Policies and Business Insurance Policy, are examples of policies providing insurance coverage against several different types of perils. Most often these policies will also include a combination of property insurance and liability coverage. Originally insurance policies separated property and liability coverage. Today, Multiple Peril Policies are common.
  • Mutual Insurance Company is an insurance company owned by the policyholders. Mutual Insurance companies return a portion of the profits to policyholders as a dividend. The surplus is held by the insurance company in case of large, unexpected losses, and claims.

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Glossary of Insurance Terms:

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