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Major Medical Insurance

A type of Health insurance that provides benefits for most types of medical expenses incurred up to a high limit, subject to a deductible and a Coinsurance clause. A Major Medical policy pays expenses both in and out of the hospital.

Malpractice Insurance

A form of Professional Liability insurance used to insure professionals including physicians, dentists, and druggists against their Liability for professional misconduct or lack of ordinary skill.

Manual Rates

Insurance rates according to a company Rate Manual that vary from company to company. Also known as “Standard Rates.” Most rates must be filed with the state Insurance Commissioner, but the insurance companies actually set their own rates in the competitive marketplace.

Marine Insurance

A form of insurance primarily designed to cover property in transport over land or sea.

Master Policy

The policy contract issued to the employer under a Group insurance plan. Remember, the employees covered by a group plan are considered to be insureds, but they only receive certificates.

Material Fact

A fact that, had the company known it, would have caused it to decline the risk or include entirely different provisions than those currently included.

Material Misrepresentation

A misrepresentation that would have been important or essential to the underwriter’s decision to issue the policy. A misrepresentation is the applicant’s failure to tell the truth to the best of their knowledge.


Life policy is mature when the face amount is payable. Whole Life matures at age 100.


A medical-benefits program administered by states and subsidized by the Federal government. Under this plan, various medical expenses will be paid to those who qualify, regardless of age, subject to an income/asset test.

Medical Examination

Examination by a physician on behalf of an applicant for insurance or in substantiation of a claim.