Uninterrupted claims-made coverage continuously in effect for at least five years and no longer eligible for rating credits given on immature polices.
Tag: RAW
Mature policies (Liability Insurance)
A claims made policy that has not lapsed in the last five years. These policies can no longer receive the rating credits that are issued to immature policies.
Matured endowment
Endowment insurance policy that has reached the end of its term during the lifetime of the insured and is due for payment.
Maturity
the end of the term of, for example, an endowment policy.
Maturity date
Date on which an endowment policy matures and begins to pay out benefits to the policyholder.
Maturity date (Life Insurance)
The date upon which the face value of a life insurance policy is payable, whether due to the insured’s death or an endowment.
Maturity factor
Dollar amount sum (factor) to annualize insurance claims where less than 1 year’s experience is obtainable. For example, if only 10 months of claims exist, the total dollar amount is multiplied by a maturity factor of 1.2 to obtain a 1-year claim amount (10 × 1.2 = 12).
Maturity value (Life Insurance)
The total amount paid to an insured at the end of an endowment or to the owner of a life insurance policy after they have lived past a specified age.
Maxi Cab for Motor
Any motor vehicle constructed or adapted to carry more than six passengers, but not more than twelve passengers, excluding, excluding the driver, for hire or reward.
Maxi tail (Liability Insurance)
An extended period for reporting claims after the expiration of a claims-made liability policy.