Insurance terms starting with M

11 terms

  1. Mandatory Purchase Under the provisions of the Flood Disaster Protection Act of 1973, individuals, businesses, and others buying, building, or improving property located in…
  2. Manufactured (Mobile) Home A structure, built on a permanent chassis, transported to a site in one or more sections, and affixed to a permanent foundation.
  3. Market Value The price that the market - any market - sets at a particular time as the price at which an asset can be bought or sold.
  4. Material misrepresentation A significant misstatement in an application form. If a company had access to the correct information at the time of application, the company might not…
  5. Medical Benefits This pays medical bills for you and others covered on your policy regardless of fault. The minimum limit is $5,000 of coverage.
  6. Medical Payment Coverage that pays for limited medical expenses if you, a member of your family, or a passenger in your car is hurt in a car accident.
  7. Medical payments and personal injury protection (PIP) Both pay limited medical and funeral expenses if you, a family member, or a passenger in your car is injured or killed in a motor vehicle accident.
  8. Mitigation Division A division under FEMA that manages the NFIP and oversees FEMA’s mitigation programs.
  9. Mobile home To be eligible for coverage under the National Flood Insurance Program, a mobile home must be on a permanent foundation and meet specific anchoring…
  10. Mortality Table A statistical table showing the death rate (probability of death) at each age.
  11. Mutual Life Insurance Company A life insurance company owned by policyholders who share in the company's surplus earnings.