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Glosary of Life Insurance Terms

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In insurance, a policy matures when its face amount becomes payable. This could occur upon the death of the insured, or in some forms of insurance such as endowments, as of a specified date.
Maturity Date
The date at which the face amount of a Life Insurance policy becomes payable by reason of either death or endowment.
Maturity Value
The amount payable to a living insured at the end of an endowment period or to the owner of a Whole Life policy if he lives past a certain age.
McClintock Table
An American morality experience table developed in 1896 by McClinton McClintock from the experience of 15 American insurers and influenced by foreign underwriting experience.
Medical Examination
The examination of an applicant for insurance or a claimant by a physician who acts in the capacity of the insurer's agent.
Medical Examiner
The physician who examines an applicant or claimant on behalf of the insurer and as an agent of the insurer.
Medical Information Bureau (MIB)
A data pool service that stores coded information on the health histories of persons who have applied for insurance from subscribing companies in the past. Most Life and Health insurers subscribe to this bureau to get more complete underwriting information.
Million Dollar Round Table (MDRT)
An association of Life Insurance agents who qualify by selling $1 million worth or more of Life Insurance coverage. The policies must meet certain qualification standards, and applicants must be members of the National Association of Life Underwriters.
Minimum Deposit Policy
A Cash Value Life Insurance policy having a first-year loan value that is available to borrow against immediately upon payment of the first-year premium. This is not the case with most Life Insurance policies, the main reason being high first-year expenses.
Misstatement of Age
(1) Giving the wrong age for oneself on an application for Life and Health Insurance or for a beneficiary who is to receive benefits on a basis involving his life contingency.
(2) A provision in most Life and Health policies setting forth the action to be taken if a misstatement of age is discovered after the policy is issued. This is one of the uniform provisions for Individual Health Insurance policies.
This term has several meanings, only a few of which will be mentioned here.
(1) Under a modified coinsurance provision in Life Reinsurance, the ceding insurer retains and maintains the entire reserve, with the annual increase in reserve being transferred to the ceding insurer by the reinsurer at the end of the year.
(2) Under Preliminary Term Insurance, a modified reserving system permits at least part, if not all, of the first year's net premium on a Life Insurance policy to be used to meet first-year acquisition costs and claim expenses and requires that part of the renewal loading be added to the policy reserve accumulation.
(3) Any premium that is altered from the regular premium for similar Life policies, such as the premium for a Modified Life policy.
Modified Life Policy
An Ordinary Life contract under which the premiums are modified so as to be lower than normal for the first three to five years and higher than normal after that. A special case is a level Term policy, under which no part of the premium goes towards savings, that is automatically converted to a Whole Life policy at a designated time.
Monthly Administration Fee
In Universal Life insurance, an administrative fee is charged each month to cover administrative expenses.
Monthly Debit Ordinary (MDO)
Ordinary Insurance the premiums for which are collected at the door monthly in the same fashion as Industrial policies.
Monthly Debit Ordinary Status Card
An IBM card showing the status of MDO business in force and lapsed.
Mortality Rate
The number of deaths in a group of people, usually expressed as deaths per thousand. It can be the rate for the total population, called the crude mortality rate, or it can be refined by factors such as age groupings or causes of deaths. Same as Death Rate.
Mortality Savings
The remainder, if any, after subtracting experienced mortality from expected mortality.
Mortality Table
A table showing the incidence of death at specified ages. It shows the number of persons in each age group that die, expressed in terms of deaths per thousand, and based on the deaths in a population of a million persons.
Mortality, Experienced
See Experienced Mortality.
Mortgage Insurance
In Life and Health Insurance, a policy covering a mortgagor from which the benefits are intended
(1) to pay off the balance due on a mortgage upon the death of the insured, or
(2) to meet the payments on a mortgage as they fall due in the case of his death or disability. Also called Mortgage Redemption Insurance.
Mortgage Redemption Insurance
(1) See Mortgage Insurance.
(2) A monthly reducing Term policy used for Mortgage Insurance.
Multiple Indemnity
A provision that some or all of the benefits under a policy will be increased by a stated multiple, such as 100% or 200%, in the event that a peril occurs in a specified way, e.g., double indemnity on Life Insurance for accidental death.
Multiple Protection Insurance
A combination of Term and Whole Life Insurance that pays some multiple of the face during the period of the Term policy, becoming a regular Whole Life policy after the Term policy expires. The multiple protection period is thus the period during which both the Term and the Whole Life coverages are in effect.

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