Glossary

Managed care is a process by which the delivery of health care is structured and monitored with the goal of providing medical services that are both appropriate and economically reasonable.

A managed care coverage endorsement is an endorsement to a fiduciary liability policy providing coverage for bodily injury (BI), property damage (PD), and personal injury (PI) when they result from administering managed care health plans.

Managed care liability insurance is a form of liability coverage written to cover organizations engaged in delivering medical services on a managed-care basis, such as health maintenance organizations (HMOs).

A managed care organization (MCO) is a healthcare provider whose goal it is to provide appropriate, cost-effective medical treatment.

A managed prescription drug plan integrates preferred pharmacy networks, drug utilization review, and patient, pharmacist, and physician education incentives.

Management advisory services are consulting services provided by some accounting firms.

Management liability insurance is a combination of critical coverages designed to protect directors, officers, managers, and business entities from exposure arising from governance, finance, benefits, and management activities. Also referred to as executive liability insurance, this includes directors and officers (D&O) liability, employment practices liability (EPL), fiduciary liability, and "special crime" insurance. These coverages may be written as stand-alone insurance policies or combined into a single "package" policy.

Management Liability Insurance Specialist (MLIS(R)) is an insurance certification that consists of a series of courses devoted to covering various aspects of management liability exposures and insurance—directors and officers (D&O), fiduciary, employment practices liability (EPL), and cyber liability.

A managing general agent (MGA) is a specialized type of insurance agent/broker that, unlike traditional agents/brokers, is vested with underwriting authority from an insurer. An MGA is authorized by an insurer to transact insurance business and may have authority to bind the insurer, issue policies, appoint producers, arrange for reinsurance, and provide other administrative support, depending on the specifics of the MGA agreement.

A managing general underwriter is an organization granted authority by one or more insurers to underwrite and administer insurance programs for the insurer(s).