February 21, 2017

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Machinery Breakdown Coverage

This form of insurance provides mechanical breakdown coverage generally not available under any other insurance policy. A Boiler and Machinery policy can protect an insured against the effects of catastrophic property loss, such as steam boiler explosion or an expensive breakdown of machinery and equipment.

Major Medical Coverage

A type of health insurance designed to cover catastrophic medical expenses. A major medical policy can be your only health policy or supplemental to another health insurance policy with low payout limits.

Manufacturing Risk

A property used for the processing or manufacturing of goods.

Manuscript Policy

An insurance policy specifically designed for an individual insured (handwritten inference).

Maximum Possible Loss (MPL)

A formal estimate of the the maximum dollar amount at risk by the company or companies providing an insurance policy.

Medical Payments

A general liability coverage in which the insurer reimburses without regard to the insured's liability, the insured and others (as specifically provided in the policy) for medical and funeral expenses incurred by such persons as a result of bodily injury or death sustained by accident under the conditions specified in the policy.

Mercantile Risk

A property used in the business of selling merchandise.

Multi-Line Insurance

An insurance policy which provides more than one coverage in a single policy. Also known as a Package Policy.

Multi-Peril Insurance

An insurance policy that insures more than one peril or cause of loss. An All-Risk policy is an example of a multi-peril policy. This is not the same as a Multi-Line policy which includes more than one type of coverage.

Mutual Insurance Company

An insurance carrier or provider which is owned exclusively by its insureds. A mutual insurance company has no stock. Any operating profit is paid to their insureds in the form of a premium rebate.