Glossary

A Medicare set-aside is an amount of money related to future medical expenses that must be reserved from an employee benefits, workers compensation, or auto insurance claim settlement that involves a Medicare-eligible claimant. The purpose of the set-aside is to protect Medicare from paying for medical benefits that should have been funded by the party responsible for causing the injury. Although applicable to general liability and automobile no-fault claims, the set-aside is most commonly a factor in workers compensation claim settlements. The Centers for Medicare and Medicaid Services (CMS) must approve the amount of the Medicare set-aside.

Medigap policy, also known as Medicare supplemental insurance, refers to various private health insurance plans sold to supplement Medicare in the United States. It covers many of the co-payments and some of the coinsurance charges related to Medicare-covered hospital, home health care, ambulance, skilled nursing facility, medical equipment, and physician charges. Some Medigap policies insure extra benefits not covered by Medicare.

Membership accounting refers to financial modeling for each participant in a group captive, showing past history, status of the individual account, and liquidation value (i.e., what each would get if the captive were to be liquidated). Also used to show the effect of future losses, future profits, and future dividend strategies. Captive management companies usually do not offer this service.

Members of Lloyd's of London are investors in the market that provide the capital to underwrite insurance. Members can be individuals, companies, or limited partnerships. Many major insurance organizations are members.

Mental-mental injuries are psychiatric injuries that arise from purely psychiatric causes, such as stress, anxiety, and fear.

Mental impairment is, in the context of the Americans with Disabilities Act (ADA) of 1990, any mental or psychological disorder, such as mental retardation, organic brain syndrome, emotional or mental illness, and specific learning disabilities, that substantially limits one or more major life functions.

A menu-driven policy typically contains a "common terms and conditions" coverage part and separate, risk-specific coverage parts that can be purchased or not, depending on what coverage the insured wants to buy. This makes it very easy for an insured to buy and pay for only those coverages it really wants.

Mercantile open stock is an obsolete crime coverage form. Coverage for loss of property, other than money and securities, stolen from within the insured's premises or taken from a guard inside the premises, is available under an Insurance Services Office, Inc. (ISO), Commercial Crime Coverage Form E, Premises Burglary Coverage Form (CR 00 06).

Mercantile robbery is an obsolete crime coverage form. Coverage for robbery of money and securities is available under an Insurance Services Office, Inc. (ISO), Commercial Crime Coverage Form Q, Robbery and Safe Burglary Coverage Form—Money & Securities (CR 00 18). Coverage for robbery of property other than money and securities is available under an ISO Commercial Crime Coverage Form D, Robbery and Safe Burglary Coverage Form—Property Other Than Money and Securities (CR 00 05).

Mercantile safe burglary is an obsolete crime coverage form. Coverage for loss of money and securities by safe burglary is available under an Insurance Services Office, Inc. (ISO), Commercial Crime Coverage Form Q, Robbery and Safe Burglary Coverage Form—Money & Securities (CR 00 18). Coverage for safe burglary loss of property other than money and securities is available under an ISO Commercial Crime Coverage Form D, Robbery and Safe Burglary Coverage Form—Property Other Than Money and Securities (CR 00 05).