Medical examination:
The physical examination of a proposed insured, usually conducted by a licensed physician or other medical examiner, the results of which become part of the application, thus part of the policy contract and attached thereto.  In most cases, the medical exam consists of blood pressure readings, blood and urine samples, height and weight measurements and a medical questionnaire.  Occasionally, an EKG and other tests may be required, based on either amount of death benefit or age of the applicant or both.

Medical Information Bureau (MIB):
A data pool service that stores coded information on the health histories of people who have applied for life or health insurance with subscribing companies in the past.  Most life insurance companies have subscriptions with the MIB.

Modal Premium:
The frequency with which premiums are paid (monthly, annually, quarterly, semi-annually)

Mortality:
The relative incidence of death.

Mortality Factor:
One of the basic factors needed to calculate basic premium rates.  It utilizes mortality tables in attempting to determine the average number of deaths that will occur each year.

Mortality Table:
A listing of the mortality experience of individuals by age.  A mortality table permits the actuary to calculate, on the average, how long a male or female of a given age may be expected to live.

Mortgage insurance:
One of the basic uses for life insurance, so called because many family breadwinners leave insurance for the specific purposed of paying off any mortgage balance outstanding at the time of their death.  Reducing term life insurance was at one time predominantly used for mortgage insurance, but as level term life insurance premiums decreased over the years, it has become the policy of choice for mortgage insurance.

Mutual life insurance company:
A life insurance company that has no capital stock or stockholders.  It is owned by its policyowners, and is managed by a board of directors chosen by the policyowners.  Any earnings in addition to those necessary for the operation of the company are returned to the policyowners in the form of policy dividends.

(back to main Life Insurance Glossary page)

Visit these links to learn about:

Get instant life insurance quotes:

To speak with a licensed representative, contact us or call 866-691-0100

Latest News

6 Life Insurance Tips for Millennials
insurance tips for millennials

Although we grow into adults year by year, there can still be a shock to our systems when we find ourselves out of school and out of our parents’ home. Regardless of how prepared we may believe we are, complicated issues are thrown at us every day and in every manner. Yes, there is the […]

Read More
Preparing to Send Your Child to College
5 financial questions when sending kids to college

Tips for Parents Dropping Their Kids Off at College It’s that time of the year again. Millions of families are getting ready to send their child off to or back to college. As stressful and emotionally overwhelming as this can be for you, the parents, you might want to take a step back and think […]

Read More
Final Expense Life Insurance versus Guaranteed Issue Whole Life
final expense versus guaranteed issue

Life insurance is certainly a necessary. If you have financial commitments that could come to be a problem when you pass away, you should be protected. But often that’s much easier said than done. For senior citizens, final expense life insurance or guaranteed issue life insurance are strategies to get a reasonably inexpensive whole life […]

Read More