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“Material (relevant) fact” - facts or information that would influence the judgement of an underwriter in deciding whether to accept a risk for insurance and on what terms - a prospective insured/insured has a duty to disclose relevant facts at inception, at renewal and in respect of mid-term alterations where there has been a change in risk.
“Managing Agent” – a firm appointed by a landlord to manage their property on their behalf
“Moral hazard” - character, habits and actions of an insured/ proposed insured and others that influence the possibility and extent of a loss – e.g. carelessness, poor lifestyle, dishonesty
“Mortgagee” - the creditor of a mortgage
“Mortgagor” - the debtor of a mortgage
“Motor Insurance” - covers legal liabilities arising from the use of a motor vehicle. Comprehensive policies also cover damage to the vehicle.
“Motor insurance certificate” - a document issued by insurers to evidence proof of insurance in accordance with the Road Traffic Act 1988 in the form required by law. When cover is cancelled the certificate must be returned within seven days or a lost certificate declaration completed.
“Motor Insurance Database (MID)”- a database set up to combat uninsured driving. It contains information about registered vehicles, policyholder and insurance details. It links with the Police National Computer and helps to aid identification of uninsured drivers and assists fraud enquiries to be dealt with quickly.
“Motor Insurers’ Bureau (MIB)” - a bureau established to enter into Agreements with the government to compensate the victims of negligent uninsured and untraced motorists. Every insurer underwriting compulsory motor insurance is obliged to become a member and contribute to the funding. The UK Guarantee Fund compensates victims of the motorists concerned when there is no other source of compensation.
“Motor Legal Expenses” - Insurance which helps an insured to pursue uninsured loss claims, including personal injury, against third parties; and to defend motoring prosecutions