A clause that obligates the insurer to pay the proven market price of destroyed property, rather than its cost to the insured. This type of policy is usually written for manufacturers who have finished products.
Insurance Encyclopedia
Market Value Reduction (MVR)
reduction that may be applied by an insurer to the value of a with-profits policy (sum assured plus accumulated bonuses) on withdrawal prior to termination, designed to reflect the situation where the value of the underlying assets falls short; sometimes called Market Value Adjustment (MVA) or Market Level Adjustment (MLA).
Market wordings database
A collection of wordings created from duplicate wordings being registered by Lloyd’s brokers. It means that more wordings are available to other brokers and underwriters.
Marketing
1. All activities pertaining to the selling of insurance and its products to the consumer such as advertising and packaging. 2. Under the Health Insurance Portability and Accountability Act (HIPAA), make a communication about a product or service that encourages recipients of the communication to purchase or use the product or service. Marketing may also include an agreement between a covered entity and any other entity when the covered entity releases protected health information to the other entity in exchange for direct or indirect payment so that the other entity can market its product or service. Covered entities are not engaged in marketing when it exchanges information to persons about (a) participating providers and health plans in a network, the services offered by a provider, or the benefits covered by a medical plan; (b) the individual’s treatment; or (c) case management or care coordination for that individual, or directions or recommendations for alternative treatments, health care providers, or settings of care to that individual.
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The process of optimizing the use of the resources of an enterprise by seeking to identify and satisfy the needs of consumers, actual or potential in the best way for the enterprise.
Marking
Every article of foreign origin, or its container, imported into the unites states shall be permanently marked in a conspicuous place in a manner which would indicate to the ultimate purchaser the English name of the country of origin of the article.
MARPOL Convention
The International Convention for the Prevention of Pollution from Ships, 1973.
MARPOL Protocol
A draft instrument of 1978 giving effect to the MARPOL Convention subject to certain changes.
Married
In a managed care contract, a hospital facility and a managed care plan that agree to work exclusively with each other. Also see unmarried .
Married Women’s Policies of Assurance (Scotland) Act 1880
The Scottish equivalent of the Married Women’s Property Act 1882.
Married Women’s Property Act 1882
Allows a married woman to effect a policy on her own life or the life of her husband for her separate use. The Act further provides that a policy effected by a man on his own life for the benefit of his wife and/or children, creates a trust in favour of the stated objects. The policy proceeds do not form a part of the husband’s estate or become subject to his debts. The same applies when a wife takes out the policy for benefit of her husband and/or children. The Act creates a trust of life policies where, apart from the Act, they would not be created and gives special protection against creditors.