MCC 5960 - Insurance 
The Merchant Category Code (MCC) 5960 is designated for businesses operating in the insurance sector. This code is primarily used by companies that offer a variety of insurance products and services, including but not limited to life, health, property, and casualty insurance. This MCC is crucial for categorizing and processing transactions related to insurance, thereby enabling financial institutions to identify and apply appropriate rates or benefits based on the merchant's industry.
Types of Services
- Life Insurance: Covers businesses selling life insurance policies aimed at providing financial security upon the policyholder’s death.
- Health Insurance: Pertains to services that offer medical coverage for illnesses, injuries, and preventive care.
- Property and Casualty Insurance: Includes companies insuring against risks to property (like homes and vehicles) and liability (such as personal or corporate liability coverage).
- Specialty Insurance: Covers niche insurance services such as pet insurance, travel insurance, and marine insurance.
Related MCCs
- MCC 6300: Insurance, Underwriting, Premiums: This code specifically handles the underwriting processes and premium payments distinct from general insurance sales under MCC 5960.
- MCC 8011: Doctors and Physicians: Although not directly related, some health-related financial services intersect, particularly in claims processing for health insurance policies.
FAQs
- What types of transactions are typically classified under MCC 5960?
- Transactions that involve the purchase, renewal, or payment of various insurance policies from licensed insurers are primarily classified under this code. - What distinguishes MCC 5960 from other insurance-related MCCs?
- MCC 5960 is broad and covers general insurance transactions, while other codes like MCC 6300 may focus on specific underwriting and premium processing activities. - Can businesses outside of insurance apply for this MCC?
- No, MCC 5960 is exclusively for businesses directly involved in selling insurance products and should not be used by companies whose primary operations fall outside the insurance sector.
MCC Categories
Agricultural Services Airlines Business Services Car rent Cars and vehicles Clothing stores Contract services Entertainment services Government Services Hotels / Resorts Mail / Telephone Sales Membership оrganizations Miscellaneous Stores Not categorized Personal services Professional services Repair services Retail Outlet Services Service provider Transportation Services Utility Services Wholesale suppliers and manufacturers