Medical:

A document completed by a physician or another approved examiner and submitted to an insurer (insurance company) in order to provide medical information. This is usually done to determine insurability (or lack of insurability) or is sometimes done in relation to a claim.

Medical Loss Ratio:

Total health benefits divided by total premium.

Medical Expenses:

Reasonable charges for medical, surgical, x-ray, dental, ambulance, hospital, professional nursing, prosthetic devices, and funeral expenses. What is considered reasonable is outlined in a policy.

Medical Payments, Auto:

Coverage, which is optional, under an auto policy to pay for medical expenses for bodily injury caused by an auto accident, regardless of fault. Coverage for persons other than the named insured and his or her family members is typically restricted to circumstances when they are occupants of the insured auto.

Medical Payments, General Liability:

A general liability coverage that reimburses others, regardless of fault, for medical or funeral expenses incurred as a result of bodily injury or death sustained by an accident.

Member Month:

Total number of health plan participants who are members for each month.

Mexico Coverage:

Coverage which is sometimes provided under automobile policies for the operation of an insured motor vehicle within Mexico, usually limited to a stated number of miles from the U.S. border

Minimum Premium:

The lowest amount of premium to be charged for providing a particular insurance coverage

Misrepresentation:

The act of knowingly presenting false information.

Mobile Equipment:

Equipment such as earthmovers, tractors, diggers, farm machinery, forklift's, etc., that even when self-propelled, are not considered as automobiles for insurance purposes.

Monopolistic State Funds:

States or Jurisdictions where an employer must obtain workers' compensation insurance from a state fund or qualify as a self-insurer, as is allowed in five of the states: North Dakota, Ohio, Washington, West Virginia, Wyoming, Puerto Rico and the U.S. Virgin Islands.

Mortality and Expense Risk Fees:

A charge that covers such annuity contract guarantees as death benefits.

Mortality Rate:

The number of deaths in a group of people, usually expressed as deaths per thousand.

Mortality Table:

A table showing the incidence of death at specified age groups.

Mortgage Clause:

Property insurance provisions granting protection for the mortgagee named in the policy. It establishes that loss to mortgaged property is payable to the insured and to the mortgagee named in the policy.

Mortgage Insurance Policy:

In life and health insurance, a policy covering a mortgagor with benefits intended to pay off the balance due on a mortgage upon the insured's death, or to meet the payments due on a mortgage in case of the insured's death or disability.

Mutual Insurance Companies:

Companies with no capital stock, and owned by policyholder's. The earnings of the company--over and above the payments of the losses, operating expenses and reserves--are the property of the policyholder's. There are two types of mutual insurance companies. A nonassessable mutual charges a fixed premium and the policyholder cannot be assessed further. Legal reserves and surplus are maintained to provide payment of all claims. Assessable mutuals are companies that charge an initial fixed premium and, if that isn't sufficient, might assess policyholder to meet losses in excess of the premiums that have been charged.