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 14 of 38 matching terms
Terms beginning with M
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Medicare Supplement Insurance
Health insurance - Private insurance designed to help pay certain out-of-pocket costs under Original Medicare.
- Also called: Medigap
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Mid-term cancellation
Auto insurance - Cancellation of a policy before its scheduled expiration date, subject to notice requirements and permitted reasons.
- Also called: midterm cancellation
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Mine subsidence insurance
Home insurance - Coverage for qualifying structural damage caused by the collapse or movement of underground mines in covered areas.
- Also called: mine subsidence coverage
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Minimum essential coverage
Health insurance - Coverage that meets the Affordable Care Act definition for minimum essential coverage, such as many employer, Marketplace, Medicare, or Medicaid plans.
- Also called: MEC
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Mitigation expense
Claims - A reasonable cost incurred to prevent or reduce additional damage following a covered event.
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Modified endowment contract
Life insurance - A life policy funded above federal tax limits, causing distributions to receive less favorable tax treatment than ordinary life insurance.
- Also called: MEC
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Modified replacement cost policy
Auto insurance - A homeowners policy for older homes that may pay for repairs with modern materials rather than exact historical replication.
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Morale hazard
General insurance - An increase in loss potential caused by carelessness or indifference rather than deliberate misconduct.
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Moral hazard
General insurance - An increase in loss potential caused by intentional dishonesty or disregard for loss prevention.
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Mortgage clause
Home insurance - A property policy provision protecting a named mortgage lender’s financial interest in covered property.
- Also called: standard mortgage clause
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Mortgagee
Home insurance - The lender named on a property insurance policy because it has a financial interest in the insured home.
- Also called: mortgage lender
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Motor vehicle glass repair shop
Auto insurance - A business that repairs or replaces vehicle glass, including windshields, windows, or other glass components.
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Motor vehicle record
Auto insurance - A state record of a driver’s license status, violations, and other driving history that insurers may use in underwriting where permitted.
- Also called: MVR