A rule that states employers must protect the public from their employees’ actions. Legally, employers are held responsible for the torts committed by their employees.
Insurance Encyclopedia
Master-Servant Rule
The rule that all employers are obligated to protect the public from the acts of their employees. Courts hold employers liable for torts committed by the employees in the course of their employment.
Master’s and Seamen’s Wages
The master or any member of the crew of a ship has an insurable interests in respect of his wages.
MAT business
marine, aviation and transport business (classes of general insurance).
Matching
Ensuring that damaged property, once repaired, matches the property that was not damaged in the loss.
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Paying regard, in the selection of assets, to the dates on which liabilities will or may accrue, or the currencies in which they are payable, with the object of ensuring that the realizable value of the assets at any such dates will suffice to discharge the liabilities.
Matching contributions
Contributions made by an employer on behalf of an employee’s pension plan that are equal to the employee’s contributions up to a specific amount or percentage of compensation.
Matching risk
The risk that liabilities and assets are not properly matched. The risk arises from mismatches related to currency and timing, interest rate risk and inflation risk. It is of major importance to life insurers as mismatching could lead to the sale of investments to meet claims as they fall due at a time of low values. In regard to annuities it is necessary to match annuity liabilities with investments of a similar pattern, e.g. fixed income securities. The FSA prescribes asset and liability valuation rules aimed at minimising this risk.
Mate’s Receipt
Receipt of cargo by the vessel, signed by the mate (similar to dock receipt).
Material Circumstance
Any circumstances that would influence a prudent underwriter in his decision to accept or reject a risk, or in the amount he would accept or the premium he would charge for cover.
Material circumstances
Any circumstances that would influence the judgment of a prudent underwriter in determining whether to accept a risk and the amount of premium to change.