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shane@sennhometownins.com
Oconto Falls, WI

Insurance Glossary

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Term Definition
Medical Loss Ratio

Total health benefits divided by total premium.

Member Month

Total number of health plan participants who are members for each month.

Mortality and Expense Risk Fees

A charge that covers such annuity contract guarantees as death benefits.

Mortgage Insurance Policy

In life and health insurance, a policy covering a mortgagor with benefits intended to pay off the balance due on a mortgage upon the insured's death, or to meet the payments due on a mortgage in case of the insured's death or disability.

Mutual Insurance Companies

Companies with no capital stock, and owned by policyholders. The earnings of the company--over and above the payments of the losses, operating expenses and reserves--are the property of the policyholders. There are two types of mutual insurance companies. A nonassessable mutual charges a fixed premium and the policyholders cannot be assessed further. Legal reserves and surplus are maintained to provide payment of all claims. Assessable mutuals are companies that charge an initial fixed premium and, if that isn't sufficient, might assess policyholders to meet losses in excess of the premiums that have been charged.

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