The sale of group property insurance through payroll deduction; most mass merchandizing plans specialize in health, personal accident, automobile and/or homeowner’s insurance.
Insurance Encyclopedia
Mass risks
An official term used in EEA insurance regulation. It means any risk that is not a ‘large risk’. See large risks.
Master
The Admiralty law term for the caption of a ship.
Master charge list
See: charge description master (CDM) .
Master contract
Insurance policy issued to a group insurance policyholder that lists the provisions (terms and conditions) of the group insurance plan. Also called master policy .
Master contract (Pensions)
The contract provided to an employer whose employees have a group contract.
Master Cover
A form of open cover, usually operated by a broker or agent, under which a variety of insurance from a given source may be accepted.
master patient index (MPI)
File for a facility’s patients that contains demographic information such as gender, date of birth, Social Security number, medical record number, address, race and ethnicity, admission and discharge dates, encounter types, and disposition (i.e., intended care setting following discharge). Optional additional elements might be emergency contacts, allergies, and problem lists. This file lists a unique identification number for each patient and is a cross-reference used to obtain a patient’s health record. Also referred to as member index .
Master plan
Employee-benefit retirement plan created by a financial institution or insurer that can be adopted only by plan sponsors who use the financial institution to fund the plan.
Master Policy
Group Insurance Policy for a group of persons to whom certificates of Insurances are issued as evidence of their individual coverage. The employer usually maintains the master Policy, while the certificates are merely a brief statement of highlights of the master Policy.
***
US: In property and liability coverage, the combining of several locations or operations under a single policy for the same insured or insureds. The term may also be used in the case of construction wrap-ups. In either case, underlying policies or certificates of insurance are issued to insureds under the policy as evidence of coverage under the master policy.
***
MEDICAL,USA,REFERENCE: See: master contract .
***
Under a group insurance policy issued for employees, the contract issued to the employer. This term can also refer to a property insurance contract issued to an insured who is able to issue certificates of coverage to others.