Home Insurance Terms M-O

Glossary of defined terms

Market Value
The price the property could have been sold at just prior to its damage or loss.

Masonry Noncombustible Construction
Buildings constructed from noncombustible materials

Medical Coverage
Coverage to pay a person´s necessary medical expenses when they are injured on your property, whether you are responsible for the injury or not.

Medical Payment
Covers the medical expenses of someone who becomes injured on your property, or injured by you or a family member.

Mobile Home Insurance
A homeowner policy for a permanently situated mobile home.

Modified Fire-Resistive Construction
Building construction featuring exterior walls, floors and roofs made of fire-resistant materials.

Mortgage Insurance
Life insurance that pays the balance of a mortgage if the insured becomes, injured, ill or dies.

Mortgagee Clause
A clause that makes a claim jointly payable to the policyholder and the party that holds the mortgage on the property.

The person to whom property is mortgaged

The debtor who receives money and in turn grants a mortgage on his or her property.

Named Insured
The party with whom an insurance contract is made.

Named Perils
Causes of loss specifically provided for in the insurance policy.

National Flood Insurance Program (NFIP)
Federal program providing flood insurance for fixed property.

A policy that the insurer does not allow to continue after its expiration date.

The act of holding possession of property.

An accident or loss that results in bodily injury or property damage.

Off Premises
A clause extending coverage to losses that occur when an insured is away from home.

Ordinance (or Law Exclusion)
A property coverage exclusion that states there is no coverage for loss or damage that occurs as a direct result of the enforcement of any law or ordinance.

Other Structures
Structures such as a garage or tool shed, that are separated from an insured dwelling by a clear space.

Permanently installed structures located on your property but not physically attached to your home.

Information from Deschutes Insurance

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