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.
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.
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.
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
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.
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.
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.