Glossary of Insurance Terms
- Managed care
Generally a health care delivery system that links doctors, hospitals and an insurance plan to deliver care to the plan's members with the intent of improving quality and reducing costs. Health insurance can manage care in a number of ways, including requiring members to choose a primary care provider, to obtain the primary care provider's permission to see a specialist and to use only providers with the plan's network of providers.
- Managed care plan
Any health plan that requires or creates incentives for an enrollee to use providers that are owned, managed, or under contract with the insurer offering the health benefit plan.
- Mandated benefits
Benefits that health insurance plans are required by state or federal law to provide to policyholders and eligible dependents.
- Mandatory supplemental benefits
Additional benefits included in Medicare coordinated care plans that are required to be purchased by you. These benefits will differ among Medicare Advantage plans.
- Market value
A real estate term that describes what the current value of your home would be if you were to sell it--including the price of the land. This amount generally is not involved in determining what amount to purchase under a homeowner’s policy. Since the object of most property insurance policies is to pay the insured the actual cash value or the cost to repair or replace the damaged or destroyed property, the "market" or "book" values are not used in loss settlements.
- Medical payments coverage
Provision of liability policies and the liability sections of package insurance policies, such as the personal automobile policy, that pays medical expenses without regard to fault. The insured does not admit liability for bodily injury to another party, nor does an injured party forfeit the right to sue the insured.