A-B-C-D-E-F-G-H-I-J-K-L-M-N-O-P-Q-R-S-T-U-V-W-X-Y-Z

Major Medical Expense Insurance:
Insurance that provides benefits for most types of medical expenses up to a high maximum benefit. Such contracts often contain internal limits and usually are subject to deductibles and co-insurance. 

Managed Care:
Systems that integrate the financing and delivery of appropriate health care services by means of arrangements with selected providers to furnish a comprehensive set of health-care services to members; explicit criteria for the selection of health-care providers; formal programs for ongoing quality assurance and utilization review; and significant financial incentives for members to use providers and procedures associated with the plan.

Manual Premium Rate:
Premium for a group developed from the insurer's standard rate tables; it is the cost usually quoted in an insurer's underwriting manual.

Margin of Safety:
The ratio of depression losses incurred plus statutory capital at the end of a "four year" depression divided by depression losses incurred. 

Master Policy:
A policy that is issued to an employer or trustee, establishing a group insurance plan for designated members of an eligible group.

Medicaid:
Simply put, Medicaid is health insurance for the poor. It was created in 1965 as a joint federal/state public assistance program for those too poor to afford health care. Since the program is administered by the individual states under federal guidelines, the benefits offered and eligibility requirements vary widely. About 36 million people around the U.S., including children, the elderly, the blind and the disabled, are currently covered by Medicaid. Usually, Medicaid recipients pay no part of costs for covered medical expenses, although a co-payment is sometimes required.

Medicare:
Medicare is a federal insurance program which primarily serves those over 65 years old and younger, disabled people and dialysis patients. It currently covers about 37 million Americans. Medicare is divided into Part A, which covers inpatient hospital services, nursing home care, home health care and hospice care; and Part B, which helps pay the cost of doctors' services, outpatient hospital services, medical equipment and supplies, and other health services and supplies. Recipients pay some part of the costs through deductibles. Since Medicare doesn't cover all expenses, recipients often supplement their coverage through separate Medigap policies.

medsup (medigap):
Private insurance that can be purchased to supplement Medicare. 

MGA:
Managing general agents

MIC:
Municipal investment contracts

Minimum Group:
The fewest number of employees permitted under a state law to constitute a group for insurance purposes; the purpose of establishing minimums is to maintain a distinction between individual and group insurance

Minimum Premium Plan:
The employer self-funds a fixed percentage (e.g. 90 percent) of the estimated monthly claims, and the insurer covers the remainder. This self-funded approach avoids payment of a premium tax required in most states.

Miscellaneous Expense:
Expenses connected with hospital insurance; hospital charges other than room and board such as x-rays, drugs, laboratory fees, and other charges.

Modified Life Insurance:
A type of whole life policy with a premium that is relatively low in the first several years but that increases in later years.

Monoline Insurer:
An insurer that writes only financial guaranty insurance.

Morbidity:
Frequency and severity of sicknesses and accidents in a well-defined class or classes of persons.

Mortality Table:
A statistical table showing the death rate (probability of death) at each age.

Mortgage Insurance:
There are actually two types of mortgage insurance.  Usually, people mean private mortgage insurance, or PMI, which protects a mortgage company against a defaulted loan. PMI does not benefit the homeowner. If you bought your home with a down payment of less than 20 percent of its value, your bank probably made you take out PMI. At some point, you won’t have to pay for PMI any more, but don’t expect the bank to let you know when that is. Mortgage insurance can also mean a type of life insurance, which pays off the balance of a mortgage when the policyholder dies or, in some cases, becomes disabled. As a homeowner, you want to get rid of the first type as soon as you can. You might want to consider the second type. 

MPP:
Minimum premium plan

MSVR:
Mandatory securities valuation reserve

Multiline Insurer:
An insurer that writes financial guaranty and property/casualty insurance.

Multiple Employer Trust (MET):
A trust established by a sponsor that brings together a number of small, unrelated employers for the purpose of providing group medical coverage on an insured or self-funded basis.

Mutual Life Insurance Company:
A life insurance company owned by policyholders who share in the company's surplus earnings.