MLIRB:
Multi-Line Insurance Rating Bureau:

Malicious Mischief:
Similar to vandalism: Purposely damaging the rights or property of another: See also V&MM:

Malinger:
To feign a disability for the purpose of continuing to collect benefits longer than actually necessary:

Maloney Act:
A 1938 amendment to the Securities Exchange Act of 1934: The Maloney Act established the National Association of Security Dealers (NASD) as a self regulatory organization (SRO) for those involved in the sale of securities:

Manager:
A common title for the head of an agency that is operated as a branch office, as opposed to being operated as a agency: The manager is a salaried employee, usually with an incentive bonus based on the agency's volume:

Mandatory Valuation Reserve:
A reserve required by a state law to offset any declines in the valuation of securities listed as admitted assets:

Manual:
A book giving rates, classifications, and underwriting rules for some line of insurance: An example would be the Automobile Manual which gives such information for Automobile Insurance:

Manual, Compensation:
Where the rates shown apply to each $100 of the payroll of the insured, $100 being the "unit:"

Manuscript Policy:
A policy written to include specific coverages or conditions not provided in a standard policy: It is often prepared by a large brokerage house for a large account, and it must conform to state laws: In the event of a dispute over policy language, the contract of adhesion doctrine is modified:

Market Risk:
A risk experienced by those who invest in securities which is the risk of possible loss of investment since there are no guarantees associated with such investments:

Market Value:
The price for which something would sell, especially the value of certain types of assets, such as stocks and bonds: It is based on what they would sell for under current market conditions: For example, common stock market value would be the price of the stock as of a specified date: See also Actual Cash Value:

Marketing Representative:
See Special Agent:

Mass Merchandising:
A technique whereby a group of people, usually employees or members of a union or trade association, insure with one company: Premiums are collected and remitted to the insurer in a lump sum:

Master Policy:
(1) The policy contract issued to an employer or other entity authorized by state law for a group insurance plan: See also the first definition of Certificate of Insurance: (2) A Property Insurance policy issued to an insured who can issue certificates of coverage to cover the property of others:

McCarran-Ferguson Act:
See Public Law 15:

Mental (or Emotional) Distress:
Usually not covered if a claimant was a bystander to an accident, but usually covered if he was physically involved:

Merit Rating:
A type of rating plan used in several forms of insurance but most commonly in Personal Auto: It is a method whereby the insured's premium will vary up or down depending on his own past loss record:

Minimum Premium:
The smallest amount of premium for which an insurer will issue coverage under a given policy:

Mixed Insurer (or Company):
An insurance company in which the ownership is split among stockholders and policy owners: The term can also be used to indicate an insurer issuing both Life and Health Insurance policies: It is often erroneously used to describe an insurer offering both participating (dividend paying) and nonparticipating plans:

Mode of Premium Payment:
The method of premium payment (mode) elected by the policy owner: Modes generally available are monthly, quarterly, semiannually, and annually:

Monoline Policy:
Any insurance coverage written as a single line policy: Contrast with Multiple Line or Package policy:

Moral Hazard:
A condition of morals or habits that increases the probability of loss from a peril: An extreme example would be an individual who previously burned his own property to collect the insurance:

Morale Hazard:
Hazard arising out of an insured's indifference to loss because of the existence of insurance: The attitude, "It's insured, so why worry," is an example of a morale hazard:

Mutual Fund:
An investment company that raises money by selling its own stock to the public: It then invests the proceeds in other securities: and the value of its own stock fluctuates with its experience with the securities in its portfolio: Mutual funds are of two types: (1) Open-end, in which capitalization is not fixed and more shares may be sold at any time: (2) Closed-end, in which capitalization is fixed and only the number of shares originally authorized may be sold:

Mutual Insurer:
An incorporated insurer without incorporated capital owned by its policyholders: Although mutual insurers do distribute their earnings to their policyholders in the form of dividends, the term should not be used in a sense that makes it synonymous with participating: In most jurisdictions, a mutual insurer is free to issue nonparticipating insurance if it chooses and a stock insurer is free to issue participating insurance: Contrast with Stock Insurer:

Mutual Insurer Policy:
Insurance issued by a mutual insurer:

Mutual Investment Trust:
See Mutual Fund:

Mutualization:
The process of converting a stock insurer to a mutual insurer, accomplished by having the insurer buy stock and retire it:

Multi-Peril Policies:
Policies which cover a number of perils, such as fire, burglary, and liability, in a single contract:

Multiple Line Policy:
A policy that includes several different coverages such as Property, Liability, and Crime: Any personal or commercial package policy:

Mutual Benefit Association:
An organization offering benefits to members on a plan under which no fixed premiums are paid in advance but assessments are levied on members to meet specific losses as they occur: See also Assessment Company, Society, or Insurer: