Glossary

The Miller Act is a federal statute (40 USC §§ 270a–270d–1) that requires contractors to furnish payment and performance bonds in conjunction with the construction, alteration, or repair of public buildings. The Act applies to federal contracts exceeding $100,000.

The Million Dollar Round Table (MDRT) is an association of life insurance agents who qualify by selling $1 million or more on a face value basis in a calendar year. Applicants must be members of the National Association of Insurance and Financial Advisors (NAIFA).

Mill construction is a strong, durable, slow-burning type of joisted masonry construction characterized by heavy floors and thick wooden columns or beams. The walls of such a building generally are assigned a fire-resistive rating of at least 2 hours. The lack of floor joists in this form of construction contributes to its fire-resistance since the corresponding air pockets are eliminated.

A mineral lease is a contract between a mineral owner (the lessor) and a company or working interest owner (the lessee) in which the lessor grants the lessee the right to explore, drill, and produce oil, gas, and other minerals for a specified period of time. The oil and gas lease is granted in exchange for royalty payments to the lessor.

Mine subsidence coverage is for loss to property due to the sinking of a man-made mine. Buildings in some states—such as Illinois, Ohio, Kentucky, and West Virginia—may be located over abandoned mines. If the mine sinks, shifts, or collapses and damages the insured property, such damage is excluded by the "earth movement exclusion." A few states have mandated that insurers make coverage for mine subsidence available to property owners who live in such areas. Typically, the property owner need not request such coverage; it is added automatically. If the property owner decides against the coverage, a signed rejection form may be required. Mine subsidence coverage is mandated for both commercial and residential property in Illinois (215 ILCS 5/801.1), Kentucky (KRS 304.44.–010), and West Virginia (WVC 33–30–6). The coverage is mandated only for dwellings and farms in Ohio (ORC 3939.50).

Mini-tail is an informal name for an extended reporting period (ERP) with a very short (i.e., 60 days) duration. The Insurance Services Office, Inc. (ISO), commercial general liability (CGL) policy's mini-tail is part of the basic ERP. It runs concurrently with the midi-tail and covers claims associated with occurrences previously unknown to the insured.

A mini-trial is a short version of a trial in which each side presents an abbreviated version of its case before a judge or a mediator for the purpose of settlement.

Minimum and deposit premium is a premium that is fully earned by the insurer at the inception of the policy and is nonrefundable if the policy is canceled. Though infrequently used, this approach can be used for policies that have a flat premium or a premium that is adjusted at the end of the policy term to reflect the actual exposure as determined via an audit. This is a common approach with excess of loss reinsurance, which requires initial premium payment in advance, adjusted annually in arrears based on exposure audits.

A minimum deposit policy is a cash value life insurance policy having a first-year loan value available for borrowing immediately upon payment of the first-year premium. It is generally held that the life insurance must be in force for 4 years before borrowing can occur.

The minimum premium is the least amount of premium to be charged for providing a particular insurance coverage. The minimum premium may apply in any number of ways such as per location, per type of coverage, or per policy.