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MALPRACTICE INSURANCE.
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MANAGED CARE.
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MANUAL.
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MARINE INSURANCE.
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MCCARRAN-FERGUSON ACT.
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MEDIATION.
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MEDICAID.
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MEDICAL MALPRACTICE INSURANCE.
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MEDICAL PAYMENTS INSURANCE.
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MEDICAL UTILIZATION REVIEW..
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MEDICARE.
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MEDIGAP/MEDSUP.
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MINE SUBSIDENCE COVERAGE.
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MONEY SUPPLY.
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MORTALITY AND EXPENSE (M&E) RISK CHARGE.
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MORTGAGE GUARANTEE INSURANCE.
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MORTGAGE INSURANCE.
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MORTGAGE-BACKED SECURITIES.
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MULTIPLE PERIL POLICY.
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MUNICIPAL BOND INSURANCE.
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MUNICIPAL LIABILITY INSURANCE.
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MUTUAL HOLDING COMPANY.
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MUTUAL INSURANCE COMPANY.
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Professional
liability coverage for physicians, lawyers, and other specialists
against suits alleging negligence or errors and omissions that have
harmed clients.
Arrangement
between an employer or insurer and selected providers to provide
comprehensive health care at a discount to members of the insured
group and coordinate the financing and delivery of health care.
Managed care uses medical protocols and procedures agreed on by the
medical profession to be cost effective, also known as medical
practice guidelines.
A book published
by an insurance or bonding company or a rating association or bureau
that gives rates, classifications, and underwriting rules.
Coverage for
goods in transit, and for the commercial vehicles that transport
them, on water and over land. The term may apply to inland marine
but more generally applies to ocean marine insurance. Covers damage
or destruction of a ship’s hull and cargo and perils include
collision, sinking, capsizing, being stranded, fire, piracy, and
jettisoning cargo to save other property. Wear and tear, dampness,
mold, and war are not included. (See Inland marine and Ocean marine)
Federal law
signed in 1945 in which Congress declared that states would continue
to regulate the insurance business. Grants insurers a limited
exemption from federal antitrust legislation.
Nonbinding
procedure in which a third party attempts to resolve a conflict
between two other parties.
A federal/state
public assistance program created in 1965 and administered by the
states for people whose income and resources are insufficient to pay
for health care.
See Malpractice
insurance
A coverage in
which the insurer agrees to reimburse the insured and others up to a
certain limit for medical or funeral expenses as a result of bodily
injury or death by accident. Payments are without regard to fault.
The practice used
by insurance companies to review claims for medical treatment.
Federal program
for people 65 or older that pays part of the costs associated with
hospitalization, surgery, doctors’ bills, home health care, and
skilled-nursing care.
Policies that
supplement federal insurance benefits particularly for those covered
under Medicare.
An endorsement to
a homeowners insurance policy, available in some states, for losses
to a home caused by the land under a house sinking into a mine
shaft. Excluded from standard homeowners policies, as are other
forms of earth movement.
Total supply of
money in the economy, composed of currency in circulation and
deposits in savings and checking accounts. By changing the interest
rates the Federal Reserve seeks to adjust the money supply to
maintain a strong economy.
A fee that covers
such annuity contract guarantees as death benefits.
Coverage for the
mortgagee (usually a financial institution) in the event that a
mortgage holder defaults on a loan. Also called private mortgage
insurance (PMI).
A form of
decreasing term insurance that covers the life of a person taking
out a mortgage. Death benefits provide for payment of the
outstanding balance of the loan. Coverage is in decreasing term
insurance, so the amount of coverage decreases as the debt
decreases. A variant, mortgage unemployment insurance pays the
mortgage of a policyholder who becomes involuntarily unemployed.
(See Term insurance)
Investment grade
securities backed by a pool of mortgages. The issuer uses the cash
flow from mortgages to meet interest payments on the bonds.
A package policy,
such as a homeowners or business insurance policy, that provides
coverage against several different perils. It also refers to the
combination of property and liability coverage in one policy. In the
early days of insurance, coverages for property damage and liability
were purchased separately.
Coverage that
guarantees bondholders timely payment of interest and principal even
if the issuer of the bonds defaults. Offered by insurance companies
with high credit ratings, the coverage raises the credit rating of a
municipality offering the bond to that of the insurance company. It
allows a municipality to raise money at lower interest rates. A form
of financial guarantee insurance. (See Financial guarantee
insurance)
Liability
insurance for municipalities.
An organizational
structure that provides mutual companies with the organizational and
capital raising advantages of stock insurers, while retaining the
policyholder ownership of the mutual.
A company owned
by its policyholders that returns part of its profits to the
policyholders as dividends. The insurer uses the rest as a surplus
cushion in case of large and unexpected losses.
Glossary of Insurance Terms
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