Preferred Risk insured, or applicant for insurance, who presents likelihood of risk lower than that of the standard applicant. What is Preferred Risk , What d...
Notional Value the principal value upon which future payments are based in a derivative transaction as at a specific period in time (the "as of" reporting date)...
Loss Payable Clause coverage for third party mortgagee in case of default on insured property, secured by a loan, that has been lost or damaged. What is Loss...
Medicare Advantage Plan an HMO, PPO, or Private Fee For Service Plan that contracts with Medicare Advantage Prescription Drug Plan also includes drug benefits....
Mortgage Guaranty insurance that indemnifies a lender for loss upon foreclosure if a borrower fails to meet required mortgage payments. What is Mortgage Guara...
Margin Premium a deposit that an organization is required to maintain with a broker with respect to the Futures Contracts purchased or sold. What is Margin Pr...
Medical Malpractice insurance coverage protecting a licensed health care provider or health care facility against legal liability resulting from the death or in...
Morale Hazard negligence or disregard on the part of the insured which could lead to probable loss. What is Morale Hazard , What does mean Morale Hazard , Ins...
Major Medical a hospital/surgical/medical expense contract that provides comprehensive benefits as defined in the state in which the contract will be delivered....
Mobile Homes Homeowners homeowners insurance sold to owners occupying the described mobile home. What is Mobile Homes , What does mean Mobile Homes , Insurance...
Municipal obligation bond any security, or other instrument, including a state lease but not a lease of any other governmental entity, under which a payment obl...
Loss Ratio the percentage of incurred losses to earned premiums. What is Loss Ratio the percentage, What does mean Loss Ratio the percentage, Insurance Guide,...
Medicare Cost contract with Center for Medicare and Medicaid Services (CMS) for Medicare coverage. These contracts with CMS provide reimbursement through pre de...
Mortgage Insurance a form of life insurance coverage payable to a third party lender/mortgagee upon the death of the insured/mortgagor for loss of loan payments...
Market Value fair value or the price that could be derived from current sale of an asset. What is Market Value fair value, What does mean Market Value fair va...
Medical Only line of business that provides medical only benefits without hospital coverage. An example would be provider sponsored organizations where there is...
Morbidity the frequency or severity of disease or illness within a subset of the population. What is Morbidity , What does mean Morbidity , Insurance Guide, I...
Malpractice alleged misconduct or negligence in a professional act resulting in loss or injury. What is Malpractice alleged misconduct, What does mean Malprac...
Mobile Homes under Transport coverage for mobile homes while under transport for personal or commercial use. What is Mobile Homes under Transport , What does...
Mutual Insurance Company a privately held insurer owned by its policyholders, operated as a non profit that may or may not be incorporated. What is Mutual Insu...
Loss Reserve the amount that insurers set aside to cover claims incurred but not yet paid. What is Loss Reserve the amount, What does mean Loss Reserve the am...
Medicare Part D Stand Alone stand alone Part D coverage written through individual contracts; stand alone Part D coverage written through group contracts and ce...
Mortgage Backed Securities a type of asset backed security that is secured by a mortgage or collection of mortgages. These securities must also be grouped in on...
Mechanical Breakdown Insurance premiums attributable to policies covering repair or replacement service, or indemnification for that service, for the operationa...
Medical Professional Liability insurance coverage protecting a licensed health care provider or health care facility against legal liability resulting from the...
Morbidity Risk the potential for a person to experience illness, injury, or other physical or psychological impairment, whether temporary or permanent. Morbidit...
Managed Care system of health care delivery that attempts to influence the utilization, quality, and cost of services provided. What is Managed Care system, W...
Modified Guaranteed an annuity that contains a provision that adjusts the value of withdrawn funds based on a formula in the contract. The formula reflects mark...
Mutual Insurance Holding Company a company organized as a mutual and owning a capital stock insurer or insurers for the benefit of pooling risk for many people,...
Loss Reserves an estimate of liability or provision in an insurer's financial statement, indicating the amount the insurer expects to pay for losses incurred bu...
Medicare Supplement Insurance coverage sold on an individual or group basis to help fill the "gaps" in the protections granted by the federal Medicare program....
Multi Peril Insurance personal and business property coverage combining several types of property insurance in one policy. What is Multi Peril Insurance, What...
Medicare a state assistance program, passed under Title XVIII of the Social Security Amendments of 1965, to provide hospital and medical expense insurance to th...
Morbidity Table a statistical record of the rate of illness among the defined age groups. What is Morbidity Table , What does mean Morbidity Table , Insurance...
Mandated benefits insurance required by state or federal law. What is Mandated benefits , What does mean Mandated benefits , Insurance Guide, Insurance Glossa...
Medicaid policies issued in association with the Federal/State entitlement program created by Title XIX of the Social Security Act of 1965 that pays for medical...
Member A person who has enrolled as a subscriber or an eligible dependent of a subscriber and for whom the health organization has accepted the responsibility f...
Named Insured the individual defined as the insured in the policy contract. . What is Named Insured , What does mean Named Insured , Insurance Guide, Insuranc...
Losses Incurred Includes claims that have been paid and/or have amounts held in reserve for future payment What is Losses Incurred , What does mean Losses Inc...
Medigap supplementary private health insurance products to Medicare insurance benefits. What is Medigap supplementary private health insurance, What does mean...
Municipal Bond Guarantee Insurance coverage sold to municipalities to guarantee the principle payment on bonds issued. What is Municipal Bond Guarantee Insura...
Loss of Use Insurance policy providing protection against loss of use due to damage or destruction of property. What is Loss of Use Insurance , What does mean...
Medicare + Choice a major initiative in the Balanced Budget Act of 1997 (also called Medicare Part C), under which Medicare beneficiaries may select from among...
Mortality Table chart that shows the death rates of a particular population at each age displayed as the number of deaths per thousand. What is Mortality Tabl...
Manufacturers Output Policies provides broad form coverage of personal property of an insured manufacturer including raw material, goods in process, finished go...
Moral Hazard personality characteristics that increase probability of losses. For example not taking proper care to protect insured property because the insured...
Named Peril Coverage insurance for losses explicitly defined in the policy contract. What is Named Peril Coverage , What does mean Named Peril Coverage , Insu...
Losses Incurred But Not Reported (IBNR) An estimated amount set aside by the insurance company to pay claims that may have occurred, but for some reason have no...
Minimum Premium Plan an arrangement under which an insurance carrier will, for a fee, handle the administration of claims and insure against large claims for a...
Municipal Liability liability coverage for the acts of a municipality. What is Municipal Liability , What does mean Municipal Liability , Insurance Guide, Ins...
