Master Policy to Mortgage Life Insurance Definitions

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Master Policy: A policy issued to an employer or other entity that is the basis for group insurance. Individual certificates may then be issued to the individual employees or members.
Medical Information Bureau (MIB): An organization that provides member companies a means whereby they can access medical and other information about individuals who have applied for insurance. The information is available to member companies for future underwriting assessment. Information available at www.mib.com.
Misrepresentation: An attempt to defraud the insurance company by purposely providing inaccurate information with the intent to obtain a more favorable underwriting outcome.
Mortgage Life Insurance: A type of insurance coverage that pays the outstanding balance on a mortgage in the event of the mortgagor's death. It is usually a decreasing term life insurance policy wherein the coverage amount decreases as the unpaid balance of the mortgage decreases.
Mutual Insurer (Mutual Company): An insurance company whose policyowners are also the owners of the company. Mutual companies do not have stocks that trade on the stock exchange, however, they do pay dividends to their owners based upon the profitability of the company.