A property underwriter’s estimate of the cost in the event of a total loss where all loss control systems (e.g., sprinklers and firewalls) fail. See Probable maximum loss (PML).
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Largest loss (usually property loss, but sometimes combined property loss and loss of income) which can occur under the most adverse conditions reasonably foreseeable.
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US: The worst loss that is likely to occur because of a single event.
Insurance Encyclopedia
Maximum Foreseeable Loss / Probable Maximum Loss (PML)
The worst loss that is foreseeable or probable to occur because of a single event. This term is typically used in property reinsurance.
Maximum liability method
See: INDEPENDENT LIABILITY METHOD with which it is compared.
Maximum lifetime benefits
Total amount a health insurance plan will pay for medical care for any individual insured.
maximum medical improvement (MMI)
In workers’ compensation, the point of greatest recovery after all treatment has been used within a reasonable time period to allow for optimal recovery and other physiological adjustments to occur. Also see permanent and stationary (P & S) .
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US: Maximum Medical Improvement (MMI) is a treatment plateau in each person’s healing process. It can mean that the patient has fully recovered from the injury or that the patient’s medical condition has stabilized to the point that no major medical or emotional change can be expected in the injured workers’ condition. This occurs despite continuing medical treatment or rehabilitative programs the injured worker partakes in.
maximum medical improvement and impairment (MMI)
In workers’ compensation disability rating, it is a measurement of long-term impairment often expressed as a percentage of total body function.
Maximum out-of-pocket costs
Limit on the total medical expenses (number of copayments, deductibles, and coinsurance) that an insured must pay that are not covered under a managed care contract.
Maximum plan benefit coverage
Highest dollar amount per time period that a plan will insure. This is only applicable for service categories where there are enhanced benefits being offered by the plan because Medicare coverage does not allow a maximum plan benefit coverage expenditure limit.
Maximum Possible Loss
The worst loss that could possibly occur because of a single event. This term is typically used in property reinsurance.
Maximum possible loss (MPL)
The worst loss that could possibly occur because of a single event.