Malpractice Insurance :: Professional liability cover-age for physicians, lawyers, and other specialists against suits alleging negligence or errors and omissions that have harmed clients.

 

Margin Of Solvency :: The total assets of an insurance company must exceed its liabilities (other than share capital) by a relevant amount, known as the margin of solvency.

 

Marine Insurance :: Insurance of ships and their cargoes which provides indemnity for property loss, damage and injury to third parties. Marine losses arise in four areas- Hull, Cargo, Freight & Liability.

 

Minor :: A person under the age of 18, who cannot legally conduct certain transactions purchase certain goods.

 

Misrepresentation :: A false, incorrect, improper, or incomplete statement of a material fact, made in the application for an insurance policy.

 

Moral hazard  :: The risk that an insured may attempt to take an unfair advantage of the insurer, for example by suppressing information relevant to the assessment of risk or by submitting a false claim.

 

Mutual Insurance Company :: An insurance company in which ownership and control is vested in the policyholders and a portion of surplus earnings may return to policyholders in the form of dividends.