Dictionary

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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.

Management Agreement

A contract between the owner of income property and a management firm or an individual property manager that outlines the scope of the manager’s authority to manage the property.

Mandatory Continuing Education (MCE)

A requirement for most brokers and all salespersons to complete a certain number of hours of education once every license term in order to renew a real estate license.

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.

Manufactured Home

A manufactured home is a single-family house constructed entirely in a controlled factory environment, built to the federal Manufactured Home Construction and Safety Standards (better known as the HUD Code).

Margin

For an adjustable-rate mortgage (ARM), the amount that is added to the index to establish the interest rate on each adjustment date, subject to any limitations on the interest rate change.

Marine Insurance

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

Market

A place where goods can be bought and sold and a price established.

Market Data Approach to Value

See Sales Comparison Approach.