Date on which an endowment policy matures and begins to pay out benefits to the policyholder.
Insurance Encyclopedia
Maturity date (Life Insurance)
The date upon which the face value of a life insurance policy is payable, whether due to the insured’s death or an endowment.
Maturity factor
Dollar amount sum (factor) to annualize insurance claims where less than 1 year’s experience is obtainable. For example, if only 10 months of claims exist, the total dollar amount is multiplied by a maturity factor of 1.2 to obtain a 1-year claim amount (10 × 1.2 = 12).
Maturity value (Life Insurance)
The total amount paid to an insured at the end of an endowment or to the owner of a life insurance policy after they have lived past a specified age.
Maxi Cab for Motor
Any motor vehicle constructed or adapted to carry more than six passengers, but not more than twelve passengers, excluding, excluding the driver, for hire or reward.
Maxi tail (Liability Insurance)
An extended period for reporting claims after the expiration of a claims-made liability policy.
Maxi Tail or Full Tail
Unlimited extended reporting period allowing for making claims after expiration of a “claims-made” liability policy.
Maximum allowable
Sum set by an insurance company as the greatest amount that it will pay for a specific medical benefit or procedure. Third-party actual payment may be less than the maximum allowable because of the insured’s deductible and coinsurance. Also called maximum allowable charge, maximum allowable amount, allowed amount , or approved amount .
maximum allowable actual charge (MAAC)
Formerly a provision of the Medicare program that affected nonparticipating (nonpar) physicians before January 1, 1991. It set a limit on fees billed by a nonpar provider for professional and incident to professional services. This system was replaced with the resource-based relative value scale (RBRVS). See limiting charge .
Maximum allowable amount
See: maximum allowable and maximum allowable charge (MAC) .