Michigan Laws 500.1502 – Insurance premium finance companies; definitions
Current as of: 2023 | Check for updates
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As used in this chapter:
(a) “Insurance premium finance agreement” means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent in payment of premiums on an insurance contract together with a service charge as authorized and limited by this chapter.
Terms Used In Michigan Laws 500.1502
- Commissioner: means the director. See Michigan Laws 500.102
- Contract: A legal written agreement that becomes binding when signed.
- 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
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(b) “Insurance premium finance company” means a person engaged in the business of entering into insurance premium finance agreements.
(c) “Licensee” means a premium finance company holding a license issued by the commissioner under this chapter.