M
Material Damage
Physical loss or damage to a property.
Market Value
Most policies provide settlement for a total loss claim (the car is stolen or irredeemably damaged) on a "market value" basis. This means you are entitled to an amount representing the cost of a vehicle of similar make, model, age and condition. Or, if the vehicle is less than one year old, many insurers will replace it with a new vehicle of the same make and model you lost.
An Agreed Market Value cover is especially useful for classic or vintage cars - where the insurer agrees to pay a specified amount in the event of a total loss.
Material Fact
This refers to any fact that would influence the decision of an insurer in deciding whether to accept an insurance risk and the terms including the premium level at which the company would be willing to grant cover.
Maturity Value
This is the final value of a savings policy if it is allowed to run for the full term specified in the contract.