multiline discount: When an insured buys more than one type of insurance (auto, home, or life) from an insurance company, the insurer may offer a discount of premiums for one or more of the policies.
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mortgage insurance: There are actually two types of mortgage insurance. Usually, people mean private mortgage insurance, or PMI, which protects a mortgage company against a defaulted loan. PMI does not benefit the homeowner. If you bought your home with a down payment of less than 20 percent of its value, your bank probably made you take out PMI. At some point, you wonÆt have to pay for PMI any more, but donÆt expect the bank to let you know when that is. Mortgage insurance can also mean a type of life insurance, which pays off the balance of a mortgage when the policyholder dies or, in some cases, becomes disabled. As a homeowner, you want to get rid of the first type as soon as you can. You might want to consider the second type.
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mortality table: A statistical table showing the death rate (probability of death) at each age.
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morbidity: Frequency and severity of sicknesses and accidents in a well-defined class or classes of persons.
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modified life insurance: A type of whole life policy with a premium that is relatively low in the first several years but that increases in later years.
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miscellaneous expense: Expenses connected with hospital insurance; hospital charges other than room and board such as x-rays, drugs, laboratory fees, and other charges.
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minimum premium plan: The employer self-funds a fixed percentage (e.g. 90 percent) of the estimated monthly claims, and the insurer covers the remainder. This self-funded approach avoids payment of a premium tax required in most states.
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minimum group: The fewest number of employees permitted under a state law to constitute a group for insurance purposes; the purpose of establishing minimums is to maintain a distinction between individual and group insurance.
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maximum monthly benefit: The highest dollar amount a policyholder can receive on a monthly basis from the insurance policy.
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master policy: A policy that is issued to an employer or trustee, establishing a group insurance plan for designated members of an eligible group.
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