Reference guide
Insurance Glossary
Plain-language definitions of common insurance terms across policies, coverage, and claims. Check your policy or plan documents for the terms that apply to you.
Find an insurance term
Showing 24 of 38 matching terms
Terms beginning with M
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Management liability insurance
Business insurance - A group of coverages addressing management-related liabilities, often including directors and officers, employment practices, or fiduciary liability.
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Manufacturers selling price coverage
Business insurance - A valuation approach that may insure finished inventory based on its selling price rather than only production cost.
- Also called: MSP coverage
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Manuscript policy
General insurance - A policy drafted or substantially modified for a particular insured rather than issued solely on a standard form.
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Market conduct examination
Claims - A regulator’s review of an insurer’s business practices, such as claims handling, underwriting, marketing, and producer oversight.
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Market value adjustment
Life insurance - An annuity adjustment that can increase or decrease withdrawal value based on interest-rate changes and contract terms.
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Master policy deductible
Auto insurance - The deductible applying to a condominium association’s master policy, which may be assessed to unit owners under governing documents.
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Matching coverage
Home insurance - Coverage treatment for matching undamaged materials to repaired property, which depends on policy language and applicable law.
- Also called: matching materials coverage
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Material misrepresentation
General insurance - A significant false statement or omission that could affect an insurer’s decision to issue, price, or continue coverage.
- Also called: material omission
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Media liability insurance
Business insurance - Coverage for covered allegations arising from content, such as defamation, copyright infringement, or invasion of privacy.
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Mediation
Claims - A voluntary or required process in which a neutral mediator helps parties try to reach an insurance dispute settlement.
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Medicaid
Health insurance - A joint federal and state program that provides health coverage for eligible people.
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Medicaid expansion
Health insurance - A state option to broaden Medicaid eligibility under Affordable Care Act rules, subject to state-specific implementation.
- Also called: expanded Medicaid
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Medical loss ratio
Health insurance - The share of health insurance premium revenue spent on covered medical care and qualifying quality-improvement activities.
- Also called: MLR
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Medical necessity
Health insurance - A plan standard used to decide whether a health care service or supply is appropriate and eligible for coverage.
- Also called: medically necessary
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Medical necessity review
Health insurance - A plan’s evaluation of whether requested care meets its medical-necessity criteria.
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Medical payments coverage
Auto insurance - Auto coverage that may pay certain medical expenses after a covered accident, regardless of fault, as the policy states.
- Also called: MedPay
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Medicare
Health insurance - A federal health insurance program for eligible people, including many older adults and some people with disabilities.
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Medicare Advantage
Health insurance - A Medicare-approved private plan that provides Medicare-covered benefits and may offer additional benefits under plan rules.
- Also called: Medicare Part C
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Medicare assignment
Health insurance - An agreement by a provider to accept the Medicare-approved amount as full payment for covered services, apart from allowed cost sharing.
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Medicare Part A
Health insurance - The part of Original Medicare that helps cover inpatient hospital care and certain related services.
- Also called: hospital insurance
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Medicare Part B
Health insurance - The part of Original Medicare that helps cover doctor services, outpatient care, and certain preventive services.
- Also called: medical insurance
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Medicare Part C
Health insurance - Another name for Medicare Advantage, a private plan alternative for receiving Medicare-covered benefits.
- Also called: Medicare Advantage
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Medicare Part D
Health insurance - The Medicare prescription drug benefit offered through stand-alone plans or many Medicare Advantage plans.
- Also called: prescription drug coverage
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Medicare star rating
Health insurance - A quality and performance rating used by Medicare for Medicare Advantage and Part D plans.