Glossary

The maturity date is the date at which the face amount of a life insurance policy becomes payable by either death or other contract stipulation.

Maturity value is the amount payable (under a whole life insurance policy) if the insured person lives to the last age on the mortality table on which the values of the contract were based or because of the insured's death.

A maximum disability income policy (MDP) refers to a type of long-term disability insurance policy that is noncancelable by the insurance company but limits the insurer's liability for any one claim but not the aggregate amount of all claims.

The worst loss that is likely to occur because of a single event is called maximum foreseeable loss (MFL).

Maximum plan limits are the maximum amount of benefits payable under a health insurance policy to a plan participant.

The worst loss that could possibly occur because of a single event is called maximum possible loss (MPL).

The maximum premium is the highest premium an employer can be charged under a retrospectively rated insurance program, usually stated in multiples of the basic premium.

The McCarran-Ferguson Act of 1945 is federal legislation that exempts insurance from federal regulation as a form of interstate commerce, to the degree effective regulation is undertaken by the individual states.

The MCS-90 form, officially known as the Endorsement for Motor Carrier Policies of Insurance for Public Liability under Sections 29 and 30 of the Motor Carrier Act of 1980, must be attached to the auto liability policy of certain regulated motor carriers to ensure that federally mandated coverage (e.g., required liability limits and environmental restitution coverage) is in place.

Means and methods of construction is a term used in construction to describe the techniques and tactics (usually temporary structures) a contractor employs to complete construction of a permanent project or structure.