Insurance Terminology

Ever wonder what an agent is REALLY saying when reviewing policies with you? Here's a quick guide so you can speak the same language. As always, if you should have any questions, feel free to call our office at 603-225-6677 to speak with one of our trained specialists.

M

Major medical policies

Health care policies that usually cover both hospital stays and physiciansī services in and out of the hospital.

Managed health care

A system that organizes physicians, hospitals, and other health care providers into networks with the goal of lowering costs while still providing appropriate medical services. Many managed care systems focus on preventive care and case management to avoid treating more costly illnesses.

Mandated benefits

Health care benefits that state or federal law says must be included in health care plans.

Mandated offerings

Health care benefits that must be offered to the employer or organization sponsoring a group policy. The sponsor is not required to include the benefits in its group plan.

Marine Insurance

Coverage for goods in transit and the vehicles of transportation on waterways, land, and air.

Market value

The current value of your home, including the price of land.

Material misrepresentation

A significant misstatement on an application form. If a company had access to the correct information at the time of application, the company might not have agreed to accept the application.

Maximum out-of-pocket expense

The maximum amount someone covered under a health care plan must pay during a certain period for expenses covered by the plan. Until the maximum is reached, the person covered is required to pay a copayment or a percentage on each claim.

Medical payments and personal injury protection (PIP)

Both auto insurance coverages pay limited medical and funeral expenses if the policyholder, a family member, or a passenger in the car is injured or killed in a motor vehicle accident. PIP also pays lost-income benefits.

Medically Necessary

Health care services or supplies needed to prevent, diagnose or treat an illness, injury, condition, disease or its symptoms and that meet accepted standards of medicine.

Medically necessary care

Health care that results from illness or injury or is otherwise authorized by the health care plan. This term can be defined differently from one health care plan to another.

Misquote

An incorrect estimate of the insurance premium.

Mortality charge

The cost of the insurance protection element of a universal life policy. This cost is based on the net amount at risk under the policy, the insuredīs risk classification at the time of policy purchase, and the insuredīs current age.

Mortality expenses

The cost of the insurance protection based upon actuarial tables which are based upon the incidence of death, by age, among given groups of people. This cost is based on the amount at risk under the policy, the insuredīs risk classification at the time of policy purchase, and the insuredīs current age.

Mortgage Insurance

Life insurance that pays the balance of a mortgage if the mortgagor (insured) dies.

Multiple employer plans

Benefit plans that serve employees of more than one employer and are set up under terms of a collective bargaining agreement.

Multiple Employer Welfare Arrangements (MEWAs)

In general, employee association plans (not set up under a collective bargaining agreement) that provide benefits to employees of more than one employer. If the MEWA assumes all or part of the planīs insurance risk, it must be licensed by NHID.

Named Driver Exclusion (Next)


 

PJ has almost 40 years' experience in the insurance industry, and is very proud to be celebrating Able Insurance Agency’s
20th anniversary this year. From it's humble beginnings in a home office, he has grown Able to its niche as a full service independent agency.  PJ is a community service oriented person, has lived in Concord since 1975, is a dedicated Rotary Club of Concord member and Past- President, and plays more than a little tennis, having held New England rankings as a senior player. He has four children, two grown and on their own, and lives in Concord with his wife Lynn.

Able Insurance offers a range of products and services for both business and personal needs:



 

Business Insurance:

Bond
Commercial Auto
Commercial Liability
Commercial Property Commercial Umbrella
Directors & Officers Liability
Disability
Group Health Group Life
Professional Liability
Workers' Compensation

Personal Insurance:

Homeowner's Insurance
• Automobile Insurance
• Life Insurance
• Health Insurance
• Disability Insurance

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