Formal contract with a health plan that consists of enrollment application, health statements, and certificate of coverage including any amendments. Also referred to as membership service agreement .
Insurance Encyclopedia
Membership application form
Prospective applicant’s enrollment form when applying to a health plan for health coverage. It must be signed and may serve as an agreement between the member and the health plan. Also see application form .
Membership benefits
See: benefit and benefit package .
Membership card
See: identification card (ID card) .
Membership file
Insurance company’s electronic master file of information on insured individuals such as names, certificate numbers, and contract data.
Membership service agreement
See: membership agreement .
Membership termination
Discontinuance of membership in an organisation or group. Terminates membership eligibility under a group policy or employee benefit scheme due to end of employment or other change in circumstances. Under group life policies the departing member may benefit from a continuation option.
Memorandum
To meet the alterations which inevitably arise in connection with many Insurances after a Policy is issued. The companies practice, rather than re-issue the Policy every time a change occurs, is to amend the document by memorandum or endorsement. Both endorsement and memorandum are synonymous terms.
Memorandum Advice
An advance notification to an underwriter of a premium or claim.
Memorandum of Association
Document lodged at Companies House setting out the objects and the powers of a company incorporated under the Companies Act. Any acts outside the objects clause are ultra vires and therefore invalid. Directors making contracts’ that are ultra vires may be personally liable. See DIRECTORS’ AND OFFICERS’ LIABILITY.
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The document that sets out the constitution of a company and states its objects. It is complemented by by-laws, referred to as Articles of association.