Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: M

MID-POINT CONVENTION

During the accounting period a company may acquire an asset, but only recognizes it within a specific, different time of the year.

MILL SCALE

During the hotworking of metals, a layer forms of this type of dark brown or black oxide.

MINIMAX PRINCIPLE

Minimizing the maximum losses that could occur in an event or situation is this specific type of decision-making principle. Should a strategy fail, this financial and business strategy measures potential results leading

MINIMUM RETROSPECTIVE PREMIUM

A retrospective rating plan’s premium. No matter what losses occur under a given plan, this is the smallest amount the insured can pay.

MIRANDA RULE

US legal requirement that a criminal suspect shall be told of standing constitutional rights before being interrogated. This rule results from the 1966 case of Miranda vs. State of Arizona. This requirement

MISUSE

A good, substance, privilege, or right used improperly, unforeseeably, or not as intended.

MOBILE PHONE

Portable, wireless telephone device. Cellular towers connect the calls between two devices. Mobile phones are the most widely used portable device in the world, using transmitted frequencies. Motorola developed the first mobile

MONETARY

That which relates to money. The mechanisms supplying it, circulating it, and running an economy. Contrast to that which relates to public revenues like taxation and public spending, debt, and finance, These

MONOMER

A single molecule used in a material or substance. It gets combined with other monomers to become a polymer.

MORAL RIGHTS APPROACH

All actions are moral and ethical if they do not coerce and do not interfere with others’ rights is this specific ethical concept.

MORTALITY SAVINGS

Expected mortality minus actual mortality experienced is this specific number.

MORTGAGE REDEMPTION INSURANCE

To repay the balance on a mortgage loan in case the mortgagor dies before payoff, one buys this type of decreasing-term life insurance policy.

MRO ITEMS

Refer to maintenance, repair, operations items.

MULTICHANNEL MARKETING

Marketing products by various methods and schemes while also selling the products through various distribution channels that support the other channels selling this same product. Typically the marketer reinforces the other channels

MULTIPLE LINE LAW

To write both property and casualty insurance the same insurer is legal under this specific type of state law.

MULTIPLE-MANAGEMENT PLAN

different types of management involved in this specific type of plan are typically in roles different than ones originally identified for them. This helps in vetting future upper-level management positions. Top-level management

MURABAHA

An Islamic financial transaction. Having property or an asset to sell, the owner will rent or lease it at a fully disclosed rate of profit to an interested buyer. Just like a

MACHINE SCANNING

An optical device reads printed materials and transfer into digital format as electronic data input. Optical character recognition (OCR) technology is used.

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