Dictionary

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Market Price

The actual selling price of a property.

Market Value

The highest price a ready, willing and able buyer would pay and the lowest price a ready willing and able seller would accept neither being under any pressure to act.

Marketable Title

Good or clear title reasonably free from the risk of litigation over possible defects.

Master Association

A homeowners’ association in a large condominium or planned unit development (PUD) project that is made up of representatives from associations covering specific areas within the project. In effect, it is a “second-level” association that handles matters affecting the entire development, while the “first-level” associations handle matters affecting their particular portions of the project.

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.

Maturity

The date on which the principal balance of a loan, bond, or other financial instrument becomes due and payable.

Maturity

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

Maximum Financing

A mortgage amount that is within 5 percent of the highest loan-to-value (LTV) percentage allowed for a specific product. Thus, maximum financing on a fixed-rate mortgage would be 90 percent or higher, because 95 percent is the maximum allowable LTV percentage for that product.