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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.

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.

Marine Insurance

Marine Insurance - A form of insurance primarily designed to cover property in transport over land or sea.

Maturity Date

The date at which the face amount of a life insurance policy becomes payable either by death or other contract stipulation.

Medicare Supplement Insurance

A type of Health insurance designed to cover medical costs not payable under the Federal Medicare program.

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.

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.