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MALPRACTICE |
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The improper professional actions or failure to exercise proper professional skills by a person practicing a profession, such as a physician or dentist. |
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MARINE INSURANCE |
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One of the major divisions of insurance (life, fire, casualty, marine, fidelity and surety). Has to do primarily with property in transit. If by sea, called “ocean” marine. If otherwise, “inland” marine. |
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MARKET VALUE CLAUSE |
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A clause whereby the company agrees that the amount it will pay in the event of loss shall be the value of the destroyed merchandise “on the market,” i.e., what can be realized by selling it. Obviously, this thereby includes the seller's profit. Therefore, the clause is used with caution to avoid the creation of a moral hazard. |
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MATURITY |
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An agreed date when an endowment policy ends and the proceeds including any bonuses are payable. |
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MATURITY DATE |
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The date that the policy endows for its total face amount. |
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MATURITY VALUE |
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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. |
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MEDICAL PAYMENTS INSURANCE |
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An agreement to pay the cost of medical care to an injured party irrespective of whether or not the policyholder is liable to do series. Written in conjunction with general liability policies. A similar coverage, automobile medical payments, is available in automobile liability policies. |
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MORTGAGEE CLAUSE |
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A mortgagee lends money on the security of the value of the property mortgaged. If the property burns, the mortgagee could find himself without collateral. He insists on a clause in the policy which makes any loss incurred payable to him and which safeguards his rights in other ways. Such a clause is a “mortgagee clause”. |
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MYSTERIOUS DIAPPEARANCE |
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The disappearance of insured property in an unexplained manner. Mysterious disappearance is now an insured peril under broad form personal theft policy. Previously there were disputes under theft policies as to whether property mysteriously lost had or had not been stolen. To avoid contention, insurers stated in such policies that mysterious disappearance was presumed to be due to theft. Mere disappearance of property such as an article dropped from a boat is not covered since the disappearance is not mysterious. |
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MOTOR - OWN DAMAGE INSURANCE |
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Insurance covering loss of or damage to the owner's automobile. |
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MOTOR -THIRD-PARTY LIABILITY INSURANCE |
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A form of liability insurance (see that definition), which is specifically designed to indemnify for loss incurred through legal liability for bodily injury and damage to property of others caused by accident arising out of ownership or operation of an automobile. |
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MOTOR INSURANCE |
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Any kind of insurance pertaining to the ownership and operation of automobiles. |
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