Michigan Laws > Chapter 390 > Act 316 of 1986 – Michigan Education Trust Act
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Terms Used In Michigan Laws > Chapter 390 > Act 316 of 1986 - Michigan Education Trust Act
- Advance tuition payment contract: means a contract entered into by the trust and a purchaser pursuant to section 6 to provide for the higher education of a qualified beneficiary. See Michigan Laws 390.1424
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Affiliated company: means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management. See Michigan Laws 500.4601
- Alien captive insurance company: means an insurer formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of a country other than the United States or a state, district, commonwealth, territory, or possession of the United States. See Michigan Laws 500.4601
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means a legal group of individuals, corporations, limited liability companies, partnerships, political subdivisions, or groups that has been in continuous existence for at least 1 year and the member organizations of which collectively, or that does itself, own, control, or hold, with power to vote, all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer or organized as a limited liability company; or has complete voting control over an association captive insurance company organized as a mutual insurer. See Michigan Laws 500.4601
- Association captive insurance company: means a company that insures risks of the member organizations of the association and their affiliated companies. See Michigan Laws 500.4601
- Authorized agency: means the department of state police; a city, village, or township police department; a county sheriff's department; a United States criminal investigative department or agency; the prosecuting authority of a city, village, township, county, or state or of the United States; the office of financial and insurance regulation; or the department of state. See Michigan Laws 500.4501
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Board: means the board of directors of the Michigan education trust described in section 10. See Michigan Laws 390.1424
- Branch business: means any insurance business transacted by a branch captive insurance company in this state. See Michigan Laws 500.4601
- Branch captive insurance company: means an alien captive insurance company authorized by the director to transact the business of insurance in this state through a business unit with a principal place of business in this state. See Michigan Laws 500.4601
- Branch operations: means any business operations of a branch captive insurance company in this state. See Michigan Laws 500.4601
- Captive insurance company: means a pure captive insurance company, association captive insurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company authorized under this chapter. See Michigan Laws 500.4601
- Commissioner: means the director. See Michigan Laws 500.102
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Continuance: Putting off of a hearing ot trial until a later time.
- Contract: A legal written agreement that becomes binding when signed.
- Controlled unaffiliated business: means a company to which all of the following apply:
(i) The company is not in the corporate system of a parent and affiliated companies. See Michigan Laws 500.4601Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries. Department: means the department of insurance and financial services. See Michigan Laws 500.102 Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other. Fiduciary: A trustee, executor, or administrator. Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fraud: Intentional deception resulting in injury to another. Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC Fund: means the advance tuition payment fund created in section 9. See Michigan Laws 390.1424 GAAP: means generally accepted accounting principles. See Michigan Laws 500.4601 Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106 in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q Industrial insured: means an insured to which all of the following apply:
(i) The insured procures insurance by use of the services of a full-time employee acting as a risk manager or insurance manager or utilizing the services of a regularly and continuously qualified insurance consultant. See Michigan Laws 500.4601Industrial insured captive insurance company: means a company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies. See Michigan Laws 500.4601 Industrial insured group: means a group that meets either of the following criteria:
(i) The group is a group of industrial insureds that collectively own, control, or hold, with power to vote, all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer or limited liability company or have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer. See Michigan Laws 500.4601Insurer: means a property-casualty insurer, life insurer, third party administrator, self-funded plan, health insurer, health maintenance organization, nonprofit dental care corporation, health care corporation, reinsurer, or any other entity regulated by the insurance laws of this state and providing any form of insurance. See Michigan Laws 500.4501 Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106 Irrevocable letter of credit: means a letter of credit that meets the description in section 1105(c). See Michigan Laws 500.4601 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Majority leader: see Floor Leaders Member organization: means an individual, corporation, limited liability company, partnership, or association that belongs to an association. See Michigan Laws 500.4601 Oath: A promise to tell the truth. oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Office: means the department. See Michigan Laws 500.4601 Organization: means an organization or internal department of an insurer established to detect and prevent insurance fraud. See Michigan Laws 500.4501 Organizational document: means the articles of incorporation, articles of organization, bylaws, operating agreement, or other foundational documents that create a legal entity or prescribe its existence. See Michigan Laws 500.4601 Oversight: Committee review of the activities of a Federal agency or program. Parent: means a corporation, limited liability company, partnership, or individual that directly or indirectly owns, controls, or holds with power to vote more than 50% of the outstanding voting interests of a company. See Michigan Laws 500.4601 Participant: means an entity as described in section 4667, and any affiliates of the entity, that are insured by a sponsored captive insurance company, if the recovery of the participant is limited through a participant contract to the assets of a protected cell. See Michigan Laws 500.4601 Participant contract: means a contract by which a sponsored captive insurance company insures the risks of a participant and limits the recovery of the participant to the assets of a protected cell. See Michigan Laws 500.4601 Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: includes an individual, insurer, company, association, organization, Lloyds, society, reciprocal or inter-insurance exchange, partnership, syndicate, business trust, corporation, and any other legal entity. See Michigan Laws 500.4501 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l policy: means an insurance policy, benefit contract of a self-funded plan, health maintenance organization contract, nonprofit dental care corporation certificate, or health care corporation certificate. See Michigan Laws 500.4501 Practitioner: means a licensee of this state authorized to practice medicine and surgery, psychology, chiropractic, or law, any other licensee of the state, or an unlicensed health care provider whose services are compensated, directly or indirectly, by insurance proceeds, or a licensee similarly licensed in other states and nations, or the practitioner of any nonmedical treatment rendered in accordance with a recognized religious method of healing. See Michigan Laws 500.4501 Protected cell: means a segregated account established and maintained by a sponsored captive insurance company for 1 participant. See Michigan Laws 500.4601 Purchaser: means a person who makes or is obligated to make advance tuition payments pursuant to an advance tuition payment contract. See Michigan Laws 390.1424 Pure captive insurance company: means a company that insures risks of its parent, affiliated companies, controlled unaffiliated businesses, or a combination of its parent, affiliated companies, and controlled unaffiliated businesses. See Michigan Laws 500.4601 Qualified beneficiary: means any resident of this state. See Michigan Laws 390.1424 Quorum: The number of legislators that must be present to do business. Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402 Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action. seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nService of process: The service of writs or summonses to the appropriate party. Special purpose captive insurance company: means a captive insurance company that is authorized under this chapter and chapter 47 that does not meet the definition of any other type of captive insurance company defined in this section. See Michigan Laws 500.4601 Sponsored captive insurance company: means a captive insurance company in which the minimum capital and retained earnings required by applicable law is provided by 1 or more sponsors, that is authorized under this chapter, that insures the risks of separate participants through the participant contract, and that segregates each participant's liability through 1 or more protected cells. See Michigan Laws 500.4601 state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o State institution of higher education: means a college or university described in section 4, 5, or 6 of article VIII of the state constitution of 1963 or any 4-year degree-granting institution established by the state after the effective date of this act, which institution is designated by the state as a state institution of higher education for purposes of this act. See Michigan Laws 390.1424 Statement: includes , but is not limited to, any notice statement, proof of loss, bill of lading, receipt for payment, invoice, account, estimate of property damages, bill for services, claim form, diagnosis, prescription, hospital or doctor record, X-rays, test result, or other evidence of loss, injury, or expense. See Michigan Laws 500.4501 steerer: means a person who receives a pecuniary or other benefit from a practitioner, whether directly or indirectly, for procuring or attempting to procure a client, patient, or customer at the direction or request of, or in cooperation with, a practitioner whose intent is to obtain benefits under a contract of insurance or to assert a claim against an insured or an insurer for providing services to the client, patient, or customer. See Michigan Laws 500.4501 Subpoena: A command to a witness to appear and give testimony. Surplus: means unassigned funds for an entity using statutory accounting principles, with capital and surplus including all capital stock, paid in capital and contributed surplus, and other surplus funds with corresponding items under GAAP consisting of retained earnings and accumulated other comprehensive income, with capital and retained earnings including all capital stock, additional paid in capital, and other equity funds. See Michigan Laws 500.4601 Testimony: Evidence presented orally by witnesses during trials or before grand juries. Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Treasury rates: means the United States treasury strips asked yield as published in the Wall Street Journal as of a balance sheet date. See Michigan Laws 500.4601 Trust: means the Michigan education trust created in section 5. See Michigan Laws 390.1424 Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Tuition: means the quarter or semester charges imposed to attend a state institution of higher education and all mandatory fees required as a condition of enrollment as determined by the board. See Michigan Laws 390.1424 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o Voting security: includes any security convertible into or evidencing the right to acquire a voting security. See Michigan Laws 500.4601 Weighted average tuition cost of state institutions of higher education: means the tuition cost arrived at by adding the products of the annual undergraduate tuition cost at each state institution of higher education and its total number of undergraduate fiscal year equated students, and then dividing the gross total of this cumulation by the total number of undergraduate fiscal year equated students attending state institutions of higher education. See Michigan Laws 390.1424