Section or portion of a potential market, usually expressed as a percentage, that a managed care plan has captured.
Insurance Encyclopedia
Market share liability
A principle whereby all manufacturers of a particular type of product share liability for its injurious nature in proportion to their market shares for that particular product. The principle is adopted in some US courts where the cause of the harm cannot be traced to particular manufacturers.
Market value
MEDICAL,USA: Current assets worth that is based on the daily stock market such as stocks, bonds, and real estate.
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The price at which insured property could have been sold just prior to its loss or damage. Along with cost new minus use deprecation, market value is but another gauge used to determine the loss settlement to which an insured is entitled. The insured may choose the gauge that produces the most favorable outcome.
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The price for which a product would sell on the current market.
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The quantity of other commodities a property would command in exchange, specifically the highest price estimated in terms of money which buyer would be warranted in paying and a seller justified in accepting provided both parties were fully informed, acted intelligently and voluntarily, and further that all the rights and benefits inherent in or attributable to the property were included in the transfer.
Market value appraisal
An appraisal to determine the market value of a building and related personal property.
Market value clause
Provision in an insurance policy that provides that the insurance company, in the event of loss, will pay the selling price of the completed merchandise instead of cost replacement or its actual value.
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A provision that may be used in certain property insurances which obligates an insurer to pay the established market price of destroyed or damaged stock rather than its cost to the insured. This coverage is usually only available to manufacturers with finished products, not to wholesales or retailers.
Market value clause (Property Insurance)
A clause that obligates the insurer to pay the proven market price of destroyed property, rather than its cost to the insured. This type of policy is usually written for manufacturers who have finished products.
Market Value Reduction (MVR)
reduction that may be applied by an insurer to the value of a with-profits policy (sum assured plus accumulated bonuses) on withdrawal prior to termination, designed to reflect the situation where the value of the underlying assets falls short; sometimes called Market Value Adjustment (MVA) or Market Level Adjustment (MLA).
Market wordings database
A collection of wordings created from duplicate wordings being registered by Lloyd’s brokers. It means that more wordings are available to other brokers and underwriters.
Marketing
1. All activities pertaining to the selling of insurance and its products to the consumer such as advertising and packaging. 2. Under the Health Insurance Portability and Accountability Act (HIPAA), make a communication about a product or service that encourages recipients of the communication to purchase or use the product or service. Marketing may also include an agreement between a covered entity and any other entity when the covered entity releases protected health information to the other entity in exchange for direct or indirect payment so that the other entity can market its product or service. Covered entities are not engaged in marketing when it exchanges information to persons about (a) participating providers and health plans in a network, the services offered by a provider, or the benefits covered by a medical plan; (b) the individual’s treatment; or (c) case management or care coordination for that individual, or directions or recommendations for alternative treatments, health care providers, or settings of care to that individual.
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The process of optimizing the use of the resources of an enterprise by seeking to identify and satisfy the needs of consumers, actual or potential in the best way for the enterprise.
Marking
Every article of foreign origin, or its container, imported into the unites states shall be permanently marked in a conspicuous place in a manner which would indicate to the ultimate purchaser the English name of the country of origin of the article.