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0-9
M
Managed Care Plan
Marginal Tax Bracket
Marginal Tax Rate
Marital Deduction
Marketable Securities
Maximum Family Benefit
Maximum Taxable Amount
Medical Information Bureau (MIB)
Medical Payments Coverage
Minimum Wage
Mobile Home Insurance
Modified Endowment Contract (MEC)
Mortality (Actuarial) Table
Mortality Charge
Mortgage
Mortgage Clause
Mutual Fund
Mutual Insurance Company
Managed Care Plan
Health care plan based on practice guidelines or protocols that health care providers must follow. The goals of a managed care plan are to lower health care costs, provide as comprehensive coverage as possible, and improve the methods used to select health care providers.
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Marginal Tax Bracket
A tax bracket that applies to a particular range of income.
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Marginal Tax Rate
The amount of tax imposed on an additional dollar of income.
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Marital Deduction
Provision in the federal estate and gift tax law allowing all the assets of a marriage partner to pass to the surviving spouse free of estate taxes.
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Marketable Securities
Securities that are easily sold or that can be readily converted into cash such as government securities, banker's acceptances, and commercial paper.
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Maximum Family Benefit
The largest monthly Social Security benefit payable to an individual if more than two persons receive payments on the same Social Security record.
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Maximum Taxable Amount
The greatest amount of earnings that can be credited annually to an individual's Social Security earnings record. Social Security taxes are not payable on any income earned in excess of this limit, however, there is no limit for Medicare taxes. This limit is adjusted annually to rise in the future to match the national wage levels.
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Medical Information Bureau (MIB)
A central computerized facility that keeps on file the health history of the applicants for life and health insurance with member MIB companies. This information is made available to insurance companies for the purpose of evaluating an applicant's insurability and preventing fraud.
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Medical Payments Coverage
Part of a standard auto insurance policy that provides coverage of medical expenses incurred by you and your passengers in the event of an accident, regardless of who is at fault.
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Minimum Wage
As required by federal law, the minimum hourly wage that employers must pay their employees. Adjusted periodically for inflation and other factors, the minimum wage is supposed to provide workers with the income needed to be self-sustaining and to obtain the ordinary requirements of life.
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Mobile Home Insurance
Coverage similar to a homeowners insurance policy in that Section I covers property and Section II covers liability.
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Modified Endowment Contract (MEC)
A special class of life insurance. Funds withdrawn from a MEC policy in the form of policy loans, partial surrenders, assignments, and pledges are treated as gross income to the recipient and therefore subject to taxation.
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Mortality (Actuarial) Table
A statistical table showing the rate of death at each age in terms of the number of deaths per thousand, indicating the probability of a certain number of people from a group dying in a given year. Insurance companies and the IRS use mortality (actuarial) tables to establish premiums for different age groups, to base life estates, and annuity valuations.
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Mortality Charge
The cost of the insurance protection based on a statistical projection of future deaths.
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Mortgage
A debt instrument by which the borrower (mortgagor) gives the lender (mortgagee) a lien on property as security for the repayment of a loan. The borrower has use of the property, and the lien is removed when the obligation is fully paid.
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Mortgage Clause
Attachment to a property insurance policy to protect the interest of the mortgage holder in the mortgaged property. The mortgage holder is indemnified up to the stated interest in the property if the property is damaged or destroyed.
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Mutual Fund
Corporation or trust, managed by an investment adviser, that raises money from shareholders and invests it in securities, such as stocks, bonds, options, commodities and/or money market securities. Registered with the US Securities and Exchange Commission under the Investment Company Act, mutual funds offer investors the advantages of diversification and professional management for which they charge a management fee.
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Mutual Insurance Company
An insurance company owned by its policyholders. Mutual insurance company stock is not available for purchase on the stock exchange. Members are policy holders entitled to name the directors or trustees and to receive dividends or rebates on future premiums.
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