A type of construction bond that guarantees against defective materials or craftsmanship. This bond is good for a specified amount of time after the finished work has been accepted.
Insurance Encyclopedia
Maintenance expenses
Costs of keeping an insurance policy in force such as processing premium payments, making policy dividend payments, and servicing time of agents and help by customer service personnel to clients.
Maintenance period
The period after completion of a construction contract during which the contractor is responsible for maintenance issues and defects. During this period (commonly 12 months), the contractor should maintain his insurance as required by contract. Different levels of cover are available (visits maintenance, extended maintenance guarantee maintenance) depending on the specifics of the contract. See JOINT CONTRACTS TRIBUNAL; CONTRACT WORKS.
Maintenance Reserve
An amount reserved to cover costs of maintenance.
Maintenance warranty
A fire policy clause requiring the insured to maintain the premises in a good and substantial state of repair during the currency of the policy.
Major claims
Classified by Lloyd’s as loss events in excess of £20m in a reporting period and include catastrophe losses. Insurance companies may have different classifications of major losses depending upon their nature and size of business.
Major diagnosis
Patient’s condition that uses the most resources during hospitalization. This may differ from the admitting and principal diagnoses.
major diagnostic categories (MDCs)
Broad classifications of diagnoses grouped by organ system that are medically related by diagnosis, treatment, or similarity, or that are statistically similar by length of stay in a hospital. There are 83 coding system–oriented MDCs in the original diagnosis-related groups (DRGs) and 23 body system–oriented MDCs in the revised set of DRGs. MDCs are used in DRG payment.
Major hospitalization policy (Health Insurance)
A policy that is essentially the same as major medical insurance, but that only covers expenses from the time the insured is hospitalized.
Major medical
Health insurance policy designed to offset heavy medical expenses resulting from catastrophic or prolonged illness or injury. Usually there is a deductible, coinsurance, and large benefit maximums. Also called catastrophic coverage, catastrophic insurance, catastrophic health insurance , or major medical expense insurance .