Global Industry Guide
Your guide to the global insurance industry.
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Glossary: M
MARINE CARGO INSURANCE:
Marine cargo insurance provides compensation for lost, stolen or damaged goods being transported by sea. Bellwood Prestbury offers marine cargo insurance for all kinds of clients. We specialise in marine cargo insurance for war and terrorist zones.
MEDICAL INSURANCE:
Provides cover against loss from illness or bodily injury. Can pay for medicine, visits to the doctor, hospital stays, other medical expenses and loss of earnings. It depends on the conditions covered and the benefits and choices of treatment available on the policy.
MONEY LAUNDERING:
The illegal process of disguising the origins of money from criminal activities so that it appears legitimate. This can be attempted by transferring it through many bank accounts so it becomes difficult to trace, or by investing it in legitimate business activities and taking "clean" cash from the proceeds. For this reason, many countries require financial institutions to check the origins of large cash deposits.
MONEY PURCHASE SCHEME:
See defined contribution scheme.
MULTINATIONAL COMPANY:
Company with subsidiaries or operations in several different countries.
MULTINATIONAL POOLING:
An arrangement that links together the employee benefits of a multinational company.
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