Insurance Terms "M"

• Malingering: The practice of feigning illness or inability to work in order to
collect insurance benefits.

• Malpractice: Improper care or treatment by a physician, hospital, or other
provider of health care.

• Malpractice Insurance: Coverage for a professional practitioner, such as a
doctor or a lawyer, against liability claims resulting from alleged malpractice in
the performance of professional services.

• Managed Care: Health care systems that integrate the financing and delivery of
appropriate health care services to covered individuals by arrangements with
selected providers to furnish a comprehensive set of health care services, explicit
standards for selection of health care providers, formal programs for ongoing
quality assurance and utilization review, and significant financial incentives for
members to use providers and procedures associated with the plan.

• Market Price (or Market Value): The price at which a item can be bought or
sold at any particular time.

• Material Damage: Insurance against damage to a vehicle itself. It includes
automobile comprehensive, collision, fire and theft. Material damage and physical
damage are terms that often are used inter- changeably.

• Maximum Medical Improvement (MMI) Maximum Medical Improvement
(MMI) is a treatment plateau in each person’s healing process. It can mean that
the patient has fully recovered from the injury or that the patient’s medical
condition has stabilized to the point that no major medical or emotional change
can be expected in the injured workers’ condition. This occurs despite continuing
medical treatment or rehabilitative programs the injured worker partakes in.

• Medical Payments Insurance: A coverage, available in various liability
insurance policies, in which their insurer agrees to reimburse the insured and
others, without regard for the insured's liability, for medical or funeral expenses
incurred as the result of bodily injury or death by accident under specified
conditions.

• Misrepresentation: A false, incorrect, improper, or incomplete statement of a
material fact, made in the application or claim process.

• Mutual Insurance Company: An insurance company in which the ownership
and control is vested in the policyholders and a portion of surplus earnings may
return to policyholders in the form of dividends. No capital stock exists.