MARINE INSURANCE – An Insurer who enters into a contract with the Insured agreeing to indemnify the Insured, subject to the limits of the contract, for losses incidental to a marine adventure.

MARINE POLICY – A contract of marine insurance is concluded between the parties when the proposal is accepted by the Insurer. However, the contract is inadmissible as evidence into a court of law unless it is embodied into a marine policy.

MARINE UNDERWRITER – One who accepts liability for marine losses.

MARITIME PERILS – Perils of the seas and incidental thereto.

MATERIAL CIRCUMSTANCE – A circumstance is material if it would affect the decision of the Insurer to accept the risk or in the rating of the premium.

MATERIAL CIRCUMSTANCE – A circumstance is material if it would affect the decision of the Insurer to accept the risk or in the rating of the premium. Non-disclosure of a material circumstance entitles the Insurer to avoid the insurance contract.

MEDICAL EXPENSE - The cost of paying medical bills for physicians, surgeons, technicians, nurses or other medical personnel.

MARKET VALUE – The price for which something would sell, especially the value of certain types of assets, such as stocks and bonds. It is based on what they would sell for under current market conditions. For example, common stock market value would be the price of the stock as of a specified date.

MATERIAL MISREPRESENTATION – The policyholder / applicant makes a false statement of any material circumstance on his/her application. For instance, the policyholder provides false information regarding the location where the vehicle is garaged.

MECHANICAL DERANGEMENT – Certain types of light machinery and electrical equipment may be found ‘not working’ although they are no outward signs of damage. It is usual in marine insurance to exclude this type of loss.

MINIMISING A LOSS – The duty of the Insured or his agents, by policy terms or statute law, to take such measures as may be reasonable for the purpose of averting or minimising a loss.

MINIMUM PREMIUM - The least amount of premium for which a policy or coverage may be issued or initiated.

MORAL HAZARD – An attitude that increases the probability of loss from a peril. The attitude of, "It's Insured; so why worry?" is an example of a morale hazard.

MORTGAGEE – The creditor to whom a mortgage is given and who lends money on the security of the value of the property mortgaged.

MORTGAGEE CLAUSE – A clause in an insurance policy giving beneficial rights under the policy to a mortgagee or other lender of money on the security of the property insured.

MORTGAGE INSURANCE POLICY – In life and health insurance, a policy the benefits from which are intended to pay off the balance due on a mortgage or meet the payments on a mortgage as they fall due upon or after the death or disability of the Insured.

MORTGAGOR – The debtor who receives money and in turn grants a mortgage on his property as security for a loan.

MUTUAL INSURANCE – A group of persons who engage to contribute rateably to the losses of one of the members of the group.

MYSTERIOUS DISAPPEARANCE – The disappearance of insured property from no known cause.