Insurance Terms
Mail Coverage Form: A part of the Commercial Inland Marine Coverage part of the Commercial Package policy. It provides all risks coverage for valuable contents of mail.
Major Medical Insurance: A type of health insurance intended to provide protection against catastrophic losses. Some forms are designed to complement or supplement basic hospital/surgical insurance; others provide both basic and catastrophic illness coverage.
Manual: A book giving rates, classifications and underwriting rules for certain types of insurance or bonds.
Marine Insurance: Marine Insurance – A form of insurance primarily designed to cover property in transport over land or sea.
Medicare Supplement Insurance: A type of Health insurance designed to cover medical costs not payable under the Federal Medicare program.
Minimum Premium: The lowest premium for which a policy may be issued.
Miscellaneous Type Vehicle Endorsement: An endorsement which may be added to the Personal Auto policy to cover motorcycles, motor homes, golf carts, mopeds and other recreational vehicles.
Misrepresentation: Statement of something that is known to be untrue.
Moral Hazard: A condition of morals or habits that increases the probability of a loss from a peril insured against.
Mortgagee: One who has a lender's interest in real property.
Mortgagee Clause: A provision in a policy protecting the interest of the mortgagee.
Mortgagee Rights: Rights granted to a mortgagee, under a property contract issued to a mortgagor, by virtue of the mortgagee’s financial interest in the property.
Mortgagor: One who has secured a loan from a mortgagee, usually the property owner, and thus the insured under a property policy.
Motor Truck Cargo Policy: Inland Marine transportation insurance which protects the carrier against its liability for damage to domestic shipments in its custody.
Multiple Line Insurance: The combination of two separate lines of insurance into a single policy. Often referred to as package insurance.
Mutual Insurance Company: A cooperative form of insurance company owned by and operated for the benefit of the policyholders.
MVR: Motor Vehicle Report – a listing of the tickets (violations) and/or accidents for an individual driver over a period of time, i.e., three years, five years, etc.
Marina Operators Legal Liability (MOLL): Covers liability for physical damage to vessels in the insured’s care, custody and control. Often limited to “private pleasure vessels” only.
Maturity Date: The date at which the face amount of a life insurance policy becomes payable either by death or other contract stipulation.
Midterm Cancellations: Traditional pro-rata, short rate factors may or may not be used in the event a mid-term cancellation. Coverage for first party exposures in coastal areas could be subject to an earned premium factor that is much higher than pro-rata or short rate factors.
