Glossary

Market service agreement is an agreement between an insurance intermediary and an insurer that includes a type of contingent commission program based predominately on the volume of business placed with an insurer with little or no relation to the profitability of the business placed with the insurer.

Market value is the price that would have to be paid to purchase an asset in its particular market.

A market value clause is a property insurance endorsement or provision establishing market value (rather than actual cash value (ACV) or replacement cost (RC) value) as the valuation basis for covered property.

Masonry noncombustible construction is one of six building construction categories established by Insurance Services Office, Inc. (ISO), in its Commercial Lines Manual (CLM) for purposes of developing rates for insuring commercial property, based on susceptibility to damage by fire.

In property and liability coverage, a master policy is the combining of several locations or operations under a single policy for the same insured or insureds.

A master service agreement is a contract used by oil and gas companies to enter into an agreement in advance with their contractors that specifies the terms and conditions that will govern the contractors' work.

Matching deductible refers to a deductible arrangement under which the policy deductible equals the policy limit.

Mature is a life insurance term used to describe a life insurance policy whose face amount has become payable.

Mature claims-made is a claims-made commercial general liability (CGL) policy in at least its fifth consecutive claims-made year without advancement of the retroactive date.

Maturity is the span of time, usually expressed in months, since the beginning of an occurrence year.