PIKE Insurance Service has collected a list of Insurance Terms Definitions to help Contrators fully understand what they're getting themselves into when choosing an Insurance Carrier. The list is several pages, so PIKE listed each page of definitions, alphabetically. Use the navigation system to the right and browse the list of definitions by name or click through each page using the "NEXT PAGE " button at the top each page.

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Managing General Agent (MGA)

An agent standing between an insurer and other agents. The MGA sells to retail agents, who then sell to the consumer. MGAs often are said to have the "pen" because they are given the authority to accept, underwrite, and price submissions received from retail agents.

Medical Payments - General Liability

A general liability coverage in which the insurer reimburses without regard to the insured's liability, the insured and others (as specifically provided in the policy) for medical and funeral expenses incurred by such persons as a result of bodily injury or death sustained by accident under the conditions specified in the policy.

Minimum Premium

An insurer’s lowest charge for an insurance policy.

Monoline Policy

An insurance policy covering one subject of insurance, as opposed to a combination or multiline policy.

Motor Vehicle Record (MVR)

An official record of a driver’s accidents and traffic violations kept by the licensing state(s). Often used to determine eligibility and/or premiums for auto insurance.