Document that informs industrial purchasers and users of hazardous chemicals of the reasonably foreseeable physical and chemical hazards that may arise from the use of those chemicals. Most materials packaged for consumer use are exempt from the requirements of the Hazard Communication Standard (HCS). The MSDS should include precautions for normal use, handling, storage, disposal, and spill cleanup. The HCS requires that accurate information be provided on the MSDSs. This applies as much to “overwarning” on the MSDS and label, as well as the absence of information (“underwarning”).
Insurance Encyclopedia
Material weakness
Serious flaw in management controls that requires high-priority corrective action.
Materiality
A fact, or statement, is material to a contract of insurance if knowledge of that fact would affect the decision of the underwriter to enter into the contract. If the fact would cause a change of any kind in the premium, the conditions of the policy, the perils insured, the persons insured, or in any other way, the policy is subject to being declared void.
Maternal and Child Health Program (MCHP)
A state service organization to assist children younger than 21 years of age who have conditions leading to health problems. It operates with federal grant support under Title V of the Social Security Act. In some states this program may be known as Children’s Special Health Care Services (CSHCS) or State Children’s Health Insurance Program (SCHIP) .
Maternity benefit
Provision that may appear in a hospital or medical insurance policy; allows payment for normal pregnancy.
Maternity care
In an obstetrical case, inpatient hospital care that includes use of the delivery room, postpartum care, and care of the newborn infant.
Maternity cash benefit
A benefit payable under some private health insurances at a specified rate, e.g. £250 for each child, after the policy has been in force for at least 10 months.
Mathematical reserves
a life insurer’s actuarially calculated assessment of its obligations to policyholders; broadly the difference between the present value of anticipated policyholder benefits and present value of future premiums.
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Provision made by an insurer to cover liabilities (excluding liabilities which have fallen due) arising under or in connection with contracts for long-term business.
Mature (Life Insurance)
A policy is said to mature when its face value is paid out; for example, when the insured dies.
Mature minor
Individual (mid- to late-teen) considered mature enough to understand a physician’s recommendations for treatment and give his or her informed consent. Also see minor and emancipated minor .