Insurance Word Definitions - M

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1. MEDICAID
   A federal/state public assistance program that assists people with medical care who can not afford it on their own.
2. MEDICAL PAYMENTS
   A type of accident coverage in homeowners policies that pays for medical coverage regardless of fault.
3. MEDICARE
   Federal program for people 65 or older that pays part of the costs associated with hospitalization, surgery, doctors' bills, home health care, and skilled-nursing care.
4. MORTGAGE INSURANCE
   A form of decreasing term insurance which is designed to cover a person taking out a mortgage on a home. The death benefit will decrease as the amount of loan owed decreases.