Jargon Explained

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    25. Y
    26. Z

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    Magnetic Resonance Imaging scan (MRI Scan)

    Definition

    A way of creating a 3D image of the inside of a patient.

    Explanation

    Used when talking about types of medical treatment.

    MRI scans are used by doctors to help them identify medical conditions so that they can advise on appropriate treatment.

    MRI scanners use magnetism and radio waves to create an electronic image of the inside of the body. The images can also show movement on a computer monitor, and can be viewed at many different angles, or as 'slices' through the body.

    MRI scans are able to provide better images of soft tissue than CT scans can.

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    Malicious falsehood

    Definition

    A malicious falsehood is a statement that intentionally damages another's business reputation.

    Explanation

    Used when talking about types of Legal Expenses insurance.

    Injurious falsehood or malicious falsehood (sometimes called trade libel) is the tort to deal with forms of unfair trading that do not amount to passing off. Essentially it is to prevent a person making disparaging remarks about a competitors goods or business.

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    Material Damage cover

    Definition

    Material Damage is a collective term for cover against insured events, such as fire or flood that may cause loss or damage to property.

    Explanation

    Used when considering insurance on property.

    The term Material Damage is now being increasingly replaced by 'Property Damage'. Material Damage is still used in some older policy wordings.

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    Material fact

    Definition

    A fact that may influence an insurer in deciding whether or not to accept or decline a risk or that may affect the premium or terms and conditions of the insurance policy.

    Explanation

    Used when talking about information provided by a customer applying for insurance.

    Any fact which would influence the insurer in accepting or declining a risk or in fixing the premium or terms and conditions of the contract is material and must be disclosed by the customer.

    Sometimes, the question of whether a fact is material or not can be a tricky one for a customer to decide. As a general principle, the insurer should ask clear questions about the information which is required from the customer.

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    Maximum Indemnity Period

    Definition

    The maximum period that an indemnity for a specific type of loss applies. It begins on the date the damage actually occurs.

    Explanation

    Used when considering the extent of cover under Business Interruption insurance policies.

    Maximum Indemnity Periods are most common in Business Interruption insurance and specify the maximum period that an insurer will pay for a reduction in business income and increased costs that have resulted from an insured loss. The period is usually selected by the insured.

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    Medical history declared (MHD)

    Definition

    This is when a customer applies for medical insurance and gives details of their medical history before their policy is underwritten.

    Explanation

    Used when talking about applications for medical insurance.

    Providing details of medical history means that AXA PPP healthcare can use the details during the underwriting process and underwrite the policy on Full Medical Underwriting basis. This may result in exclusions on the policy for treatment of certain existing medical conditions.

    This should not be confused with the term medical history disregarded, which is when AXA does not take account of medical history.

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    Medical history disregarded (MHD)

    Definition

    This is when a customer applies for medical insurance and does not need to give details of their medical history before their policy is accepted. Cover is provided for treatment of previous medical conditions.

    Explanation

    Used when talking about applications for medical insurance.

    The customer is not asked to provide details of their medical history and AXA PPP healthcare provides cover on the basis that the treatment of pre-existing conditions is subject to the rules and benefits of the plan in the same way as any other medical condition.

    When MHD applies to everyone on the policy it is referred to as MHD (All). If only the subscriber is on these terms it can be referred to as MHD (Sub).

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    Member

    Definition

    A person who is covered by private health insurance from AXA PPP healthcare.

    Explanation

    A member may be the policyholder or anyone else that is insured on the policy. This could include a spouse or partner or the policyholder or their spouse/partner's children.

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    Mid term adjustments (MTA)

    Definition

    A change to the terms of an insurance policy during the term of the policy.

    Explanation

    Used when talking about insurance policies.

    A mid term adjustment happens when changes are made between renewal dates. An example of a mid term adjustment is when a customer wishes to add a family member to the policy

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    Misrepresentation

    Definition

    A false statement by the insured or his broker relating to material facts before acceptance of the risk or as part of a claim.

    Explanation

    Used when talking about applications for insurance.

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    Moratorium basis

    Definition

    A term that's sometimes applied to medical insurance whereby treatment for certain pre-existing medical conditions is not covered for a specific period of time – usually following the start of cover. If a customer joins with a moratorium they don't have to declare their medical history to the insurer when joining.

    Explanation

    Used when talking about medical insurance.

    There are two main methods that private medical insurance (PMI) companies use to deal with your application for cover. These are:

    All PMI companies will offer you the full medical underwriting option. Only some companies offer the moratorium option.

    You are not asked to give details of your medical history. Instead, the insurer does not cover treatment for any medical or related condition that you have received treatment for, taken medication for, asked advice on or had symptoms of.

    In other words, you will not be covered for any condition that existed in the past few years. Five years is the usual time period. These conditions may automatically become eligible for cover. But this will only happen when you do not have symptoms of, or receive treatment, medication, tests and advice (from your GP, a healthcare professional or a specialist) for that condition, usually for a continuous period of two years after your policy has started.

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    Motor Insurer's Bureau (MIB)

    Definition

    The Motor Insurer's Bureau compensates the victims of negligent uninsured and untraced motorists.

    As part of this role it works to track down uninsured drivers, campaigns to protect honest motorists, and operates the Motor Insurance Database.

    Explanation

    Used when talking about motor insurance.

    By law, every motor insurer must pay towards the cost of funding the Bureau.

    The Bureau was established by the Government in legislation in 1946 and its responsibilities have evolved over the years.

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