Manual Rates: Usually the published rate for some unit of insurance. An example is the
Workers Compensation Manual where the rates shown apply to each $100 of the payroll of
the insured, $100 being the unit.

Market Value Clause: A provision that may be used in property damage insurance form
covering some risks which obligates the insurance company, in the event of loss, to pay the
established cash selling price of the destroyed or damaged stock, rather than the actual
case value as provided in the Standard Fire Policy.

Medicaid: A program funded by the U.S. and state governments that pays the medical
expenses of people who are unable to pay some or all of their own medical expenses.

Medical Payments Coverage: A coverage provided in the auto insurance policy that pays
certain medical and funeral expenses, resulting from an automobile accident, regardless of
fault. This coverage protects all passengers in the insured vehicle. This coverage also
protects the policyholder and relatives residing in the household while in other vehicles or if
struck as a pedestrian. For individuals residing in states that require personal injury
protection benefits, this coverage may not be available.  Also refers to coverage that pays
for an individual's medical expenses when they are injured on a homeowner's property
whether the property owner is responsible for the injuries or not.

Medicare: Public health care for senior citizens. A health insurance program in the U.S.
under which medical care and hospital treatment for people over 65 is partially paid for by
the government.

Minimum Premium: The smallest premium which an insurance company will accept for
writing a particular policy or bond for a designated period.

Mortgage Insurance: An insurance policy paid monthly by the borrower that protects the
lender by paying any costs associated with foreclosing on a home. Also called "MI" or "PMI",
mortgage insurance is required if the down payment on the property is less than 20
percent of the property's sale price.

Motor Truck Cargo – Owner’s Form: This form insures the owner of a truck against loss to
his own property while being transported. It pays for the loss or damage of cargo for the
perils insured against, regardless of the legal liability.

Motor Truck Cargo – Trucker’s Form: This form indemnifies the policyholder, a trucker, for
loss or damage resulting from his legal liability as a carrier while transporting the property
of others. I does not insure against any loss for which he is not legally liable.

The above information is for general informational purposes only and is not to be
construed as a recommendation or advice in any way shape or form.
Copyright © 2016 Stephen W. Gersh Insurance Agency, Inc.  All rights reserved.
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