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​Best-in-class personal and business insurance solutions customized for CPAs, their families and firms.

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Major Medical Insurance
Health insurance to finance the expense of major illness and injury. Characterized by the large benefit maximums ranging up to $250,000 or no deductible, reimburses the major part of all charges for the hospital, doctor, private nurses, medical appliances, prescribed out-of-hospital treatment, drugs, and medicines. The insured person as co-insurer pays the remainder.

Management Advisory Services
Any consulting service that has as its purpose the development of findings, recommendations and conclusions about an entity's existing or planned operations or business processes. Also referred to as Management Consulting Services, Consulting Services, Management Services or Business Planning Services. This is a general classification that encompasses all consulting services, and includes specialty consulting services such as personal financial planning/investment advisory services, information technology services and litigation consulting services.

Manual Rate
The premium rate developed for a group insurance coverage from the company's standard rate tables normally referred to as its rate manual or underwriting manual.

Master Policy
The policy that is issued to an employer or trustee, establishing a group insurance plan for designated members of an eligible group. The various insured members of the group receive individual certificates which describe the insurance benefits to which they are entitled.

Medical Expense Policy
Health insurance which helps to offset actual medical bills that must be paid by the uninsured.

Minimum Group
The least number of employees permitted under a state law to effect a group for insurance purposes; the purpose is to maintain some sort of proper division between individual policy insurance and the group forms.

Minimum Premium Plan (MPP)
An arrangement under which an insurance carrier will handle, for a fee, the administration of claims and insure against large claims for a self-insured group.

Miscellaneous Expenses
Expenses in connection with hospital insurance, hospital charges, other than room and board, such as X-rays, drugs, laboratory fees and other ancillary charges. (Sometimes referred to as Ancillary Charges.)

Misstatement of Age Clause
If the age of the insured under the life insurance contract is determined to have been misstated, the premium with respect to the insured shall be adjusted to the amount required based on the insured age. If such adjustment results in an increased premium, the difference between the premium actually paid and the premium required, on the basis of the correct age, shall be paid by the insured upon notice from the carrier as to the amount due. If such adjustment results in decreased premium, the carrier shall refund to the insured the difference between the premium actually paid and the premium required on the basis of the correct age. The amount of insurance will remain unchanged if the amount is not affected by the insured change of age. If the change in age affects the insured amount, that amount shall be corrected accordingly and the adjustment in premium will take such correction into account.

Mode of Premium Payments
The frequency of paying premiums: monthly, quarterly, semi-annually, or yearly.

Morbidity
The incidence and severity of sicknesses and accidents in a well defined class or classes of persons.

Multiple Employer Trust (MET)
A legal trust established by a plan sponsor that brings together a number of small, unrelated employers for the purpose of providing group medical coverage on an insured or self-funded basis.

This information should not be construed as legal advice or a legal opinion on any factual situation. This summary is for illustrative purposes and is not a contract. It is intended to provide a general overview, at the time first posted, of the topics described. Only the insurance policy can give actual terms, conditions and exclusions.