Insurance Glossary

Access, learn and discover all terms related to insurance here. Now also in Hindi

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Showing 317 Results

ABSOLUTE LIABILITY

A legal responsibility towards damages that are final and binding and the cause

ABSOLUTE OWNERSHIP

An explicit right of ownership and possession which is free from any restriction

ACCEPTANCE

An event where an insurer accepts an application and issues a policy that will s

ACCESSORY

An addition to a motor vehicle that does not change its performance or structure

ACCIDENT AND HEALTH INSURANCE

A policy that insures the policyholder and his/her dependent against injury, ill

ACCIDENT AND SICKNESS INSURANCE

A policy that insures against personal accident and sickness, that include a com

ACCIDENT SEVERITY

Sums up the financial worth of the loss incurred in an accident and is used to i

ACCIDENT, HIT AND RUN

An accident leading to injury or death, caused by collision with an unidentified

ACCIDENTAL BODILY INJURY

Injury caused to the body due to an accident

ACCIDENTAL DEATH BENEFIT

If the death of the Insured is caused by an accident, in addition to the insured

ACCUMULATED STOCKS CLAUSE

Pertains to the use of the accumulated finished goods stock at a time when the a

ACCUMULATION PERIOD

The duration for which premium payments are made by the annuitant under life ins

ACCUMULATION UNITS

Refer to units accumulated in a trust by reinvestment of funds or dividends into

ACQUISITION COST FACTOR

Cost incurred by the Insurer for acquisition of business, considered by the Rein

ACQUISITION COSTS

Costs incurred in setting up a new business - Product launch and publicity expen

ACT IN FORCE CLAUSE

A clause in relation to statutory liability that accounts for changes in the law

ACT LIABILITY WITH FIRE &/OR THEFT

A provision that covers a motor vehicle against the Insured's liability along wi

ACT OF GOD PERILS

Unforeseen events like earthquakes, floods, storms etc. caused by nature which c

ACT ONLY POLICY

Indemnity for the Insured for all motor vehicles as per the limits prescribed in

ACTUAL TOTAL LOSS

A loss whereby the property or goods are missing or damaged and cannot be recove

ACTUARIAL SCIENCE

The science of risk evaluation, determination of premiums adequate to meet the r

ACTUARY

A qualified statistician and mathematician who carries out research in order to

ADD-ONS

Purchase of additional benefits or cover on the existing policy.

ADDITIONAL INSURED

An entity (person or company) not originally included under the insurance policy

ADJUSTABLE LIFE INSURANCE

An life insurance policy whereby the policyholder has the right to change any of

ADVANCE FUNDING

It refers to an upfront payment against a contractual payment due in the future.

ADVERSE SELECTION

An adverse situation created in an exposure group when people who believe that t

AGE LIMIT

The qualifying age for an insurance policy.

AGENT

A state-licensed, representative, appointed by the insurance company to solicit,

AGGREGATE DEDUCTIBLE

The total amount that the Insured can attribute as deductibles over a period of

ALL RISK

An insurance policy that covers every possible claim that has not been specifica

ALL-RISKS POLICY

Coverage provided by an insurance policy for all losses except those specificall

AMENDMENT

A change to an existing rule or protocol, provided in writing.

AMORTIZATION

This occurs when a debt is paid off in regular portions,over a period of time, b

ANNUAL STATEMENT

An annual report, mandated by the state insurance commissioner, containing the i

ANNUITANT

Person who receives an income for life or for a period specified in an annuity c

ANNUITY

Flow of payments made periodically over time.

ANNUITY CERTAIN

Guaranteed number or amount of payments received under an annuity.

ANNUITY CONSIDERATION

Money paid by a person to an insurance company in return for an instrument that

ANTISELECTION

An instance where an Insurer would not wish to insure a person whose genetic con

Name

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APPLICATION

A form filled out by the applicant for the purpose of receiving insurance from t

APPRAISAL

The evaluation of a claim by a person authorized by the company and the policyho

ARBITRATION

A process of resolving disputes with the aid of an unbiased person or committee

ARSON

The burning down of property with a criminal intent.

ASSESSMENT ASSOCIATION

An Insurer that retains the right to charge an additional premium to the policyh

ASSESSMENT MUTUAL

An Insurer that retains the right to charge an additional premium to the policyh

ASSESSOR

Also known as the Surveyor, this person determines the estimated value of the go

ASSETS

An item of property owned by a person or company, regarded as having value and a

ASSIGNMENT

Transfer of a person's interest in an insurance policy to another person in the

ASSUMPTIONS

Risk accepted by a Reinsurer.

ASSURED

Entity indemnified against loss through insurance.

AUTOMATIC REINSTATEMENT CLAUSE

An automatic renewal clause included in a property insurance policy whereby on p

AUTOMATIC REINSURANCE

An arrangement whereby the Reinsurer agrees to take on the risk for a certain ca

AUTOMOBILE FLEET

Multiple motor vehicles owned by the same person or company, covered by a single

AUTOMOBILE LIABILITY INSURANCE

Coverage in the event that you are held legally responsible for injury to anothe

AVIATION INSURANCE

Includes a master policy that covers employees in a company against the dangers

AWARD

The favourable outcome of an investigation of the facts and evidence by the Insu

BACK OFFICE

It is the controlling office that has no direct business but controls and monito

Backlog

This refers to proposals that remain unattended, un-responded references or enqu

Baggage Insurance

This insurance coverage is available to the insured or his or her family and pro

BANK CHARGES

Banks levy certain types of charges for operating the banking accounts, such as

Bank Guarantee

In insurance industry, bank guarantee refers to the guarantees executed by banks

Bank Reconciliation Statement

The balance according to the bank account in the company’s book must be equal to

BANK TRANSFERS

A bank transfer entry needs to be recorded when the insurance company transfers

Bankers Indemnity Policy

This is a specialized policy available for banks and to protects against destruc

BASE PREMIUM

This is the amount of premium charged by the direct insurers.

BASIC COMMISSION

This is the commission on a reinsurance proportional treaty. This is always appl

BASIC PREMIUM

This is the gross amount charged by the insurance company to the policyholder fo

Basic Rate

This represents the rate of premium shown in the Rate Guide or the Insurance Com

Beneficiary

Person(s) or entity/entities named in the insurance policy as the recipient of t

BENEFIT OF INSURANCE CLAUSE

A term in the policy document under which the bailee of goods claims benefits th

BENEFIT PERIOD

Time period (generally between 1 and 3 years) during which any major medical ben

BENEFITS

This is the amount that the insurance company will have to pay claimants, assign

Blanket Insurance

A health insurance contract covering all classes of people not identifiable indi

Bodily Injury Liability

Liability arising from bodily injury or death of another person.

Boiler & Machinery Insurance

Covers loss arising from the operations of pressure, electrical, and mechanical

Boilers & Machinery Policy

Protection against any loss arising due to accidents related to the pressure ves

Book Of Business

It is the size, number, and type of accounts owned by a particular agent.

BOOK VALUE

The purchasing cost after deducting depreciation

BRANCH OFFICE SYSTEM

The life insurance marketing system where multiple offices are established in di

Name

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BREACH OF CONDITION

Violation of any terms or conditions that have been agreed upon in the insurance

BREAK IN SERVICE

Any calendar year, plan year, or 12 consecutive month period in which a particip

BROKER

Marketing expert representing property buyers and liability insurance dealing wi

BUILDER'S RISK COVERAGE FORM

Commercial property coverage form specially created for buildings under construc

BUILDER'S RISK INSURANCE

Insurance protection against any losses to the buildings or structures that are

BULK CARGO

Cargo that is not packaged and is directly loaded in the vessels' holds.

BULK CARRIER

Consignor of bulk cargo tendering the cargo for transporting to the consignee.

BURGLARY

Unauthorized or unforeseen entries to or exists from the premises covered under

BURGLARY AND THEFT INSURANCE

Insurance cover provided for property losses arising from robbery, burglary, or

BUSINESS INSURANCE

Insurance policy providing different benefits to businesses and is issued for in

BUSINESS INTERRUPTION INSURANCE

Losses arising due to temporary halting and shutdown of business due to fire or

BUSINESS LIFE INSURANCE

Life insurance availed by a business on the life of any member of the company. O

BUY-SELL AGREEMENT

Agreement between business owners for purchasing the shares of deceased or disab

CAUSES OF LOSS

The various perils that are insured within the insurance plan

CLAIMANT

Person seeking reimbursement for any loss covered under the terms and conditions

CLASSIFICATION CLAUSE (CARGO)

Clause within cargo insurance open coverage that provides details of minimum cla

CLAUSE

Section or para within the insurance policy explaining, clarifying, or defining

CO-PAYMENT

The component (either percentage or fixed amount) of medical bill paid by the pa

COLLISION COVERAGE

Protection against physical damage for the policyholders' owned vehicles resulti

COMMERCIAL GENERAL LIABILITY (CGL) COVERAGE PART

General liability cover written as monoline policy or component of commercial pa

COMPREHENSIVE COVERAGE

Physical damage cover for losses resulting due to fire, falling objects, vandali

COMPREHENSIVE GENERAL LIABILITY POLICY

Policy covering different kinds of general liabilities, operations and premises,

COMPREHENSIVE PERSONAL LIABILITY POLICY (CPL)

Personal liability contract providing personal liability cover for insured and f

CONSTRUCTIVE TOTAL LOSS

Partial loss resulting from sufficient degree for making the cost of repair much

CONTRACT CARRIER

Transportation company carrying goods for only certain clients and not general p

CONTRIBUTION

More than one party provides risk cover; each insurer is responsible for protect

CONTRIBUTORY VALUE

Value on the basis of which contribution towards general loss or salvage compens

COST OF PURE RISK

Costs related to pure risks, such as those from shareholders perspective, insura

COST OF RISK

Decrease in the value of business arising due to risks

COVER

Insurance contract; effective insurance, inclusions within the coverage under in

COVERAGE

Scope of available protection under the insurance contract; any of the several r

COVERED

Any individual covered under pension plan fulfilling the eligibility needs withi

COVERED EXPENSES

Medical, hospital, and other related expenses incurred by the insured person ent

COVERED PARTICIPANT

Individual covered under pension plan and has satisfied the eligibility norms of

DACOITY

Robbery by group of people; the Standard Burglary Insurance Policy offered to bu

DAMAGE TO PROPERTY OF OTHERS

Damages covered to a predetermined amount per occurrence on behalf of the insure

DAMAGES

Monetary compensation provided at law for any civil wrongdoing or breach of a co

DANGEROUS OR HAZARDOUS GOODS

Liquids, solids, or gases that can be harmful to the environment, human beings,

DATE OF ISSUE

Date of issue of the insurance plan; provides evidence of coverage being offered

DCDRF

District Consumer Disputes Redressal Forum; complaints against insurance compani

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DEADWEIGHT

Maximum weight in tons available for cargo, crew, water, fuel, and other stores

DEALER

An authorized agent of manufacturers responsible for sales of manufactured vehic

DEATH

End of life due to accident; to claim compensation under these circumstances cov

DEATH BENEFIT

Payment made to nominee or legal heir of the insured within the Personal Acciden

DEATH CLAIM

Any claim lodged within the insurance policy by the beneficiary on the death of

DECLARATION

Statements within the insurance contract providing information related to the li

DECLARATIONS

Various statements within the insurance plan providing information about the lif

DEDUCTIBLE

Proportion of loss borne by the insured towards any claim; two forms; amount of

DEFERRED COMPENSATION

Arrangements through which compensation for employees for current and past servi

DEFINED BENEFIT PLAN

Pension policy stating either benefits receivable by the employees on retirement

DENTAL INSURANCE

Group or individual plan helping the payment of normal dental service costs as w

DEPOSIT PREMIUM

Deposited premium paid by the potential holder at the time of application to ava

DEPRECIATION

Allowance for reduction in value of property due to deterioration, damage, wear

DIRECT LOSS

Financial losses resulting from directly insured risks

DISABILITY

Any condition curtailing to an extent an individual's capability to carry on her

DISABILITY BENEFIT

Periodic payments (often monthly) paid to the participants under certain retirem

DISABILITY INCOME INSURANCE

Any form of health insurance providing periodic payments for replacing the incom

DISABILITY INSURANCE

Kind of health plan paying monthly income to the insured person when s/he is una

DISABILITY INSURED

Status of any individual insured for receiving disability benefits under Old Age

DISCLOSURE

Duty of the insured individual and his/her broker to provide the underwriter det

DIVIDEND

Return of partial premium within participating insurance reflecting difference b

DOMICILIARY HOSPITALIZATION

Treatment of patient who has been sent home because of lack of accommodation at

E & O.E.

Errors and omissions that are excepted

EARLY RETIREMENT

Retirement of the participant at a date earlier than the regular retirement date

EARNED INCOME

Employment income earned as salary, wages, fees, or commissions

EARNED PREMIUM

earned premium refers to the premium collected by an insurance company for the p

EARNED PREMIUM - REINSURANCE

Premium ceded and included during the year in question along with the reserve fo

Earthquake fire and shock

Extension of the policy coverage to the standard fire and special perils plan by

EARTHQUAKE ZONE

Differentiating between areas that are prone to earthquakes and those locations

ECONOMIC LIFE

The remaining duration when the property or equipment yields higher returns than

ECONOMIC LOSS

Estimated loss (insured as well as uninsured) incurred by a person, family, or b

ECONOMIC POLICY

Special kind of participating whole life plan under which the dividends are used

ECONOMICALLY VULNERABLE OR BACKWARD CLASSES

According to the IRDA guidelines, people who live below the poverty line

EFFECTIVE DATE

Actual date on which insurance coverage comes into force

EFFICIENT LEVEL OF RISK

Amount of risk balance after business or individual pursues activities like inte

Electronic Equipment Insurance

A policy providing coverage from sudden unforeseen material damages to electroni

ELEMENTS OF A NEGLIGENT ACT

The 4 elements injured persons need to show as evidence; existence of legal duty

ELIGIBILITY DATE

Date on which individual member within a specified group is eligible for applyin

ELIGIBILITY PERIOD

Specified length of time (often 31 days) following the eligibility date during w

ELIGIBILITY REQUIREMENTS

Conditions that the employee must satisfy for participating in the retirement pl

Name

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ELIGIBLE EMPLOYEES

Members within the group meeting the eligibility requirements under the group he

EMBARGO

Government prohition (either due to economic or political reasons) towards shipm

EMBEZZLEMENT

Fraudulent misappropriation or usage of another individual's property or money t

ENDORSEMENT

Memorandum issued towards effecting additions, deletions, or alterations in the

ENDORSEMENTS

Additional paper (not part of the original insurance contract) that cites certai

ENDOWMENT

Life insurance that is payable to the policyholder/s if alive on the maturity da

Erection All Risk (EAR)

A plan for covering projects that are under construction; provides coverage to a

ERRORS AND OMISSIONS INSURANCE

Liability insurance plan providing protection against any losses incurred by cli

ESTATE

All the assets and liabilities of a deceased individual

EXCLUSIONS

Specific circumstances or conditions listed within the policy document for which

F.I.R.

First Information Report lodged with the police authorities in case of theft, ex

F.O.B.

Related to imports and exports contractual sale agreement; the seller has the re

F.O.B. INSURANCE

Insurance coverage procured by the seller to protect his or her interest on good

FACE AMOUNT

Amount stated on the face of the insurance policy payable in the event of death

FAILURE OF CONSIDERATION

Occurs in the event the risk for which insurer has accepted premium fails to att

FAIR MARKET VALUE

The price at which any service or asset passes from willing seller to willing bu

FALL OR DISPLACEMENT OF BUILDING CLAUSE

Provision within the standard fire and special perils policy stating all covers

FAMILY COVERAGE

Property and/or personal insurance where any addition to the insured, her or his

FAMILY POLICY

Life insurance policy offering cover to all or several members of the family und

FAULTY DESIGN

Terminology related to builders risk insurance; relevant clause when attached to

FEASIBILITY STUDY

Studies undertaken to determine workability of proposed project due to various f

FIDELITY EXCLUSION

Provision for burglary and money insurance plans that exclude losses resulting f

FIDELITY GUARANTEE POLICY

Insurance plan that reimburses employers from losses resulting due to dishonest

FINANCIAL RISKS

Risks associated solely with finance received or extended; in various forms by a

FINANCIAL UNDERWRITING

Method to evaluate results of reinsurance treaty whereby factors like loss or ga

FINISHED GOODS

Goods or products that are completely manufactured, built, assembled and ready f

FIRE

Combustion accompanied by glow or flame escaping the normal confines to cause da

FIRE & THEFT RISKS

Related to motor insurance it refers to restricted coverage provided to a vehicl

FIRE AND ALLIED PERILS

Term that conventionally is used for denoting additional perils with fire; light

FIRE BRIGADE

Group of special professionals trained in extinguishing fires

FIRE ENGINE

Motor truck equipped with pipes and water tank to spray chemicals and water on f

FIRE EXTINGUISHER

Instrument using non-combustible substances such as carbon dioxide for putting o

FIRE HAZARDS

Chemical or physical properties of any matter in whatever state that makes it su

FIRE INSURANCE

Insurance contract indemnifying insured for losses caused due to destruction of

FIRST NAMED INSURED

First named insured on the commercial plans; latest forms allow the insurer to s

FIRST PARTY CLAIM

Claims made by the policy holder to her/his own insurance service provider; cont

FLOATER POLICY

Policy under terms of which protection follows moveable properties, covering whe

FRANCHISE

Provision within freight insurance conditions exempting insurer from particular

FREIGHT

Goods moved on behalf of another; remuneration earned by vessel owner or manager

GAINFUL EMPLOYMENT

Related to permanent total disability under personal accident insurance policy;

Name

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GENERAL EXCLUSION CLAUSE

Clause in the Institute Cargo Clauses 1982 that specifies the excluded risks irr

GOOD FAITH

Basic insurance principle, assured and her/his broker must disclose and truly re

GOODS

Merchandise excluding personal effects and/or provisions and stores that are use

GOODS CARRIAGE

Motor vehicle constructed or adapted for the sole use of carrying goods; any oth

GOODS IN TRUST OR ON COMMISSION

Person holding property of another in trust or commission possesses deemed insur

GRACE PERIOD

Specified period after the premium due date during which the insured can pay the

GRIEVOUS INJURY

Injury endangering life of an individual or causing the sufferer severe bodily a

GROSS DOMESTIC PRODUCT

Measurement of value of all the goods and services produced and delivered during

GROSS NEGLIGENCE

Reckless action without paying any heed to the possible consequences

GROSS NET PREMIUM INCOME

Companies that protect the net account through XL coverage, the premium in the a

GROSS PREMIUM

Premium paid by the policyholders

GROSS PROFIT

Sum insured related to consequent loss policy based on the gross profit; represe

GROSS VEHICLE WEIGHT

Total weight of the vehicle and load registered and certified by the Registering

GROUND

Includes all periods during which the aircraft is not flying, moored, or taxying

GROUP ANNUITY

Pension plan offering annuities on retirement to group of people under a master

GROUP DISCOUNT

Discount on the premium as per the prospectus or manual rates depending on the n

GROUP INSURANCE

Insurance cover for group of individuals who are engaged in common activity; emp

GROUP LIFE INSURANCE

Life insurance cover without medical examination on group of individuals under a

GROUP MEDICLAIM INSURANCE

Medical cover issued in favor of an enterprise or organization or employer for c

GROUP PERSONAL ACCIDENT INSURANCE

Personal accident cover issued in favor of an enterprise or organization or empl

GROUP TERM LIFE INSURANCE

Commonest form of group life insurance; annual renewable term insurance for empl

GROWTH RATE

Percentage change in the quantum of business compared to the base year; growth r

HAND APPLIANCES

Any portable fire extinguisher device comprising chemicals to put out fires. Han

HAZARD

Condition/s that create or enhance the risks of losses due to any perils

HAZARDOUS GOODS

Goods (either solids, liquids, or gases) susceptible to the risk of fire in diff

HAZARDOUS RISKS (FIDELITY GUARANTEE INSURANCE)

Risks not considered as good for insurance because high hazards associated there

HAZARDOUS SPORTS

Related to personal accident plans, sport activities that have higher risks like

HAZARDOUS SUBSTANCE

Related to Public Liability Insurance Act 1991 meaning list of chemicals with ca

HEALTH INSURANCE

Protection from financial losses due to accidental bodily injury or illness; var

HEALTH INSURANCE BUSINESS OR HEALTH COVER

Contractual effecting providing sickness benefits or surgical, hospital expense

HEAVY INDUSTRY

Traditional production companies in the steel, petroleum, automobile, rubber, an

HEDGING

Importers or exporters strategy related to future sales or purchases; for overco

HIT AND RUN MOTOR ACCIDENT

Accident that arises from the use of motor vehicle/s where the identity is not c

HOLD-UP

Robbery involving violence or threat of violence; risk that is covered under the

HOSPITAL EXPENSE INSURANCE

Health insurance cover offering protection against hospital care cost resulting

Hospital Medical Insurance

Protection offering benefits for the cost of all or some of the several healthca

HOSPITAL MISCELLANEOUS SERVICES

Services excluding room, board, and general nursing services offered by hospital

Hospitalisation

Admission of the patient in nursing home or hospital for treating injury, diseas

Hospitalisation Insurance

Insurance cover for individuals offering reimbursement of the expenditure incurr

HOUSEBREAKING

Individuals commit house breaking when they trespass and their entries affect th

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HOUSEHOLDERS COMPREHENSIVE INSURANCE

Insurance package designed for homeowners with broad range of liability and prop

HULL INSURANCE

Insurance on the vessel, and its equipment and machinery

HUMAN LIFE VALUE

Present value of the family's share of the deceased earner's future earning pote

HURRICANE

Tropical storms marked by very low barometric pressure and circular winds at vel

HURRICANE INSURANCE

Component of the perils named 'storm, inundation, cyclone, flood, typhoon, torna

JEWELLERS BLOCK POLICY

Insurance plans for jewellers needs; cover is available for stock-in-trade at th

JOINT LIFE POLICY

Pays the insurance amount when the first of two or more insured individuals pass

JUDGEMENT

Court determinations for completed jurisdiction on various submitted matters

KEY PERSON HEALTH INSURANCE

Individual or group policy designed for protecting company against loss of incom

KEY-PERSON INSURANCE

Insurance cover designed for offering coverage to protect business firms against

KIDNAP-RANSOM INSURANCE

Insurance cover available for providing payment within the specified time period

KUTCHA CONSTRUCTION

Buildings with walls and/or wooden planks, grass, bamboo, hay, plastic cloth, th

LAPSED POLICY

Insurance cover that has closed earlier to the actual expiration date because of

LEAD INSURER

The insurer out of the insuring party having agreed to underwrite the highest sh

LEASE

Contract where the owner of any fixed assets allows its use to the contracting p

LEGAL LIABILITY

Liability that is enforceable under existing laws or acts

LESSEE (LEASEE)

Party in whose favor lease is granted

LESSOR

Party that grants the lease to the leasee

LIABILITY INSURANCE

Insurance cover for protecting policy holder from financial losses due to any li

LICENSE

Legal authority provided to the companies, brokers, agents, or consultants for t

LICENSE FEE

Amount paid by insurers or other companies or individuals as determined by the r

LIEN

Legal right of an individual on the property of another until the latter has sat

LIFE ANNUITY

Series of payments when commence are continued for the entire life duration of t

LIFE ANNUITY WITH 10 YEARS CERTAIN

Annuity paying income to annuitant for as long as s/he survives; but if demise o

LIFE EXPECTANCY

Average number of years of living remaining for group of persons of any given ag

LIFE INSURANCE

Insurance cover providing payments for specified amount on the demise of the ins

LIFE POLICY FOR 2 WHEELERS

Insurance coverage for 2 wheelers covering 3rd party risks and being valid until

Lift (3rd party liability) Insurance

Insurance plan for owners of passenger lifts for taking liabilities arising from

LIGHT MOTOR VEHICLE (LMV)

Transport vehicle or omnibus whose gross vehicle weight of either tractor, motor

LIGHTNING

Flash of light in the sky caused due to atmospheric electricity discharge from o

LIMITED PAYMENT LIFE INSURANCE

Whole life insurance coverage where premiums are payable for specified number of

LIMITED POLICY

Contract covering only certain kinds of accidents or diseases

LIQUIDATION

Dissolving a firm through sale of assets for cash

LISTED COMPANIES

Companies whose shares are listed on stock exchanges for trading; respective sto

LOADING

Amount that needs to be added to pure premium for profit, expenses, and continge

MACHINERY BREAKDOWN INSURANCE (MACHINERY INSURANCE)

Insurance cover for plant and machinery providing protection against all types o

MAILING LIST

Compilation of probable clients prepared as a list that can be used for solicita

MAJOR MEDICAL EXPENSE INSURANCE

Form of health insurance policy providing benefits for most kinds of medical exp

Malicious Damage

Deliberate damage or destruction of insured property or any part of it by wrongf

MALPRACTICE

Improper conduct of professionals during performance of his or her duties either

Name

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MALPRACTICE INSURANCE

Cover for professionals like lawyers or doctors against liability claims resulti

MANUSCRIPT POLICY

Plan developed for meeting the specific requirements and needs of the company

Marine 50/50 Clause

A clause in project insurance plans where marine is not insured by the same comp

MARINE ADVENTURE

Voyage or time period when the cargo is exposed to the various maritime risks

MARINE CARGO INSURANCE POLICY

Insurance related to merchandise and/or goods in transit from one location to an

MARINE CLAUSE

Clause appearing as one of the general conditions within the standard fire and s

MARINE HULL INSURANCE

Insurance offered to ocean going steamers and other ships; hull insurance offers

MARINE INSURANCE

Related to insurance of goods in transit from one destination to another by sea,

MARITIME FRAUD

Occurs when one or more of several parties in any transaction connected with mar

MARKET PRICE (OR MARKET VALUE)

Rate at which security can be sold or brought at any particular period in time

MARKET VALUE

Value determined for similar property that could be sold or purchased in the loc

MARKETING

Procedure for optimizing use of various resources of an enterprise by trying to

MASTER POLICY (OR MASTER CONTRACT)

Policy issued to group holders settling the provisions of the group insurance co

MATERIAL DAMAGE

Physical damage to tangible property, such as stocks, building, automobiles, fur

MATERIAL FACT

Fact/s that will influence the judgment of any prudent insurance company in dete

MATERIAL MIS-REPRESENTATION

Misrepresentation of certain facts that will influence the judgment of the insur

MATERIAL REPRESENTATION

Representation to the insurance company that would affect the acceptance of risk

MEDICAL EXAMINATION

Examination given by qualified physicians for determining insurability of applic

MEDICAL EXPENSE INSURANCE

Form of health insurance plan providing benefits for expenditures incurred for m

MEDICAL MALPRACTICE

Inaccurate treatment or care by medical professional, hospital, or other healthc

MEDICAL PAYMENTS INSURANCE

Cover available in different liability insurance plans where the insurance provi

MEDICARE

Program of hospital insurance (part A) and supplementary medical insurance (part

MISREPRESENTATION

Incorrect statement made about material fact/s if made deliberately with an inte

MODE OF PREMIUM PAYMENT

Frequency of payment of premiums, can be monthly, quarterly, half yearly, or ann

MORAL HAZARD

Hazard resulting from any non-physical personal feature of a risk that increases

MORTALITY TABLE

Table showing number of members in a group commencing at certain age will be ali

MORTGAGE INSURANCE

Life insurance plan paying balance of the mortgage amount in case of death of th

MOTOR TRUCK CARGO - OWNER'S FORM

Form of insurance insuring truck owner/s against loss to his personal property o

MOTOR TRUCK CARGO - TRUCKER'S FORM

This kind indemnifies the policyholder/s (trucker) for damage or loss resulting

MYSTERIOUS DISAPPEARANCE

Disappearance of insured property in an unexplained and mysterious manner