Coverage under a commercial property form for farm machinery and equipment.
Insurance Encyclopedia
Mobile equipment
Included for coverage under the commercial general liability form, this term relates to land vehicles used in ways that take them out of an explicit automobile liability exposure (e.g., vehicles used only on the insured premises, to carry certain permanently attached equipment, that are not required to be registered, or are designed for solely for off-road use).
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Term defined in general liability policies as land vehicles, including machinery and apparatus attached thereto, whether or not self-propelled, and not (i) subject to motor vehicle registration, or (ii) used exclusively on the insured’s premises, or (iii) designed principally for use of public roads, or (iv) designed or maintained for the sole purpose of providing mobility for permanently attached equipment such as cranes, loaders, pumps generators or welding equipment.
Mobile equipment (Liability Insurance)
A term refering to land vehicles that meet certain criteria: They must not be registered as a motor vehicle, they must be intended for use primarily in locations other than the public road, they must be land vehicles, and they must be mostly used on the insured’s property.
Mobile facility
Transportable independent diagnostic testing clinic with medical equipment provided in a vehicle for service to multiple locations (e.g, portable x-rays, portable mammograms). Also called portable unit .
Mobile Home Policy
A Householders policy written on a mobile home which is permanently situated.
Mobile home policy (Property Insurance)
A type of homeowners insurance that is written for a mobile home in a permanently fixed location.
Modality
1. Method of application of a therapeutic agent to produce changes to biological tissue (i.e., thermal, acoustic, light, mechanical, cold packs, or electric appliances). 2. Homeopathic term for a condition that modifies drug action. 3. Specific sensory entity such as taste or vision. 4. Form of imaging such as x-ray, fluoroscopy, ultrasound, nuclear medicine, duplex Doppler, computed tomography (CT), and magnetic resonance imaging (MRI).
ModCo reserve adjustment
The net of two modified coinsurance items the interest on reserves (payable by the cedant to the reinsurer) less the increase in reserves (payable to the cedant by the reinsurer).
Mode
The value of the variable that occurs most obtain in a group of numbers.
Mode of premium payment
Method and frequency insurance premiums are to be paid (i.e., annually, quarterly, or monthly).
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The frequency of payment the policyholder has chosen; for example, annually, monthly, or quarterly.