Terms Used In Michigan Laws > Chapter 333 > E.R.O. No. 2007-13 - Executive Reorganization Order

• Contract: A legal written agreement that becomes binding when signed.
• Fiduciary: A trustee, executor, or administrator.
• Insurance: means any of the lines of authority in chapter 6. See Michigan Laws 500.1201
• Insurance producer: means a person required to be licensed under the laws of this state to sell, solicit, or negotiate insurance. See Michigan Laws 500.1201
• 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
• 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.
• 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.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• 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
• Terminate: means the cancellation of the relationship between an insurance producer and the insurer or the termination of a producer's authority to transact insurance. See Michigan Laws 500.1201