BROWN O'HAVER Adjusters For THe Insured

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Insurance Dictionary

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A B C D E F G H I J L M N O P R S T U W

MALPRACTICE - This is professional misconduct or lack of ordinary skill on the part of an individual, such as a doctor or dentist. Specific malpractice insurance is written to cover the risk occasioned by such professional shortcoming.

MARINE INSURANCE - This form of insurance coverage is primarily concerned with protection of goods in transit, such as cargo on ships, etc.

MEDICAL PAY - The insurance adjuster generally refers to this as med-pay or MPC (Medical Pay Coverage). It is that portion of the insurance policy which provides for the payment of medical expenses for injuries sustained in an accident where payment is made to the insured or to others specifically described in the insurance policy. In general, it refers to payments to the insured people on the insured property or people riding in the insured vehicle etc. It does not refer to medical expenses sustained by an independent third party.

MERCANTILE ROBBERY POLICY - A policy that provides Inside Holdup Insurance, Outside Holdup Insurance and Messenger Robbery for stores, offices and other places of business.

MERCANTILE SAFE BURGLARY POLICY - This policy was made for the loss of insured property from within a vault or safe by burglary. It provides coverage for a variety of property.

MIDI TAIL - An automatic five-year extended reporting period which allows for the making of claims the expiration of a "claims-made" liability policy. This only applies to claims that were reported no later than 60 days after the end of the policy.

MINI TAIL - An automatic 60-day extended time to report which allows for the making of claims after the expiration of a "claims-made" liability policy.

MISREPRESENTATION - When the written or oral statements of the insured or the insurance company are used misrepresenting the risk, terms, coverages, benefits, privileges or estimated future dividends of any policy.

MORAL HAZARD -This is a condition of morals or habits that increases the probability of a loss from a peril.

MORTGAGE (OR MORTGAGEE) CLAUSE - A policy covering mortgaged property stating that the loss will be paid to the mortgagee and the mortgagee's right of recovery will not be defeated and also giving the mortgagee other right and privileges.

MUTUAL INSURANCE COMPANY (INSURER) - An incorporated insurance company without incorporated capital where the policyholders elect the governing body. These policyholders are shareholders who share in the success and sometimes the failures of the company.

MANUSCRIPT POLICY - Generally used for larger insureds, a manuscript policy is one written specifically for the insured, as opposed to an "off the shelf" policy available from an insurer. The manuscript policy will have special conditions, coverages, and provisions to meet a specific insured's needs.

A B C D E F G H I J L M N O P R S T U W

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