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Insurance Glossary M

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Marine insurance

Insurance primarily concerned with transportation exposures and property that is commonly moved around from place to place. The field is divided between inland marine and ocean marine. 

 
Market Value

Refers to the price that a seller of real property, which is property in the form of land, what lies beneath the land, and objects fixed to the land, can expect to receive from a buyer in a fair and open negotiation. 

 
Mobile Equipment

In the Commercial General Liability coverage forms, refers to certain carefully and specifically described vehicles for use on land. Some such vehicles are self-propelled while others are not. Some are used only when attached to other vehicles or to provide mobility to certain equipment. Some are intended for use on public roads while others are not. 

 
Medical malpractice

Type of insurance protecting physicians, surgeons, nurses, and other medical practitioners against claims alleging failure to perform. 

 
Merit rating

A form of auto rating in which an insured’s past experience as well as anticipated experience is taken into account when arriving at a rate. 

 
Minimum premium

An insurer’s lowest charge for an insurance policy. 

 
Misrepresentation

Generally, misstatement of facts made on an application for insurance. May also be misstatement of coverage made by an agent to an insured. 

 
Monoline policy

An insurance policy covering one subject of insurance, as opposed to a combination of multiline policy.

 

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