Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 51 - Organization of an Acquiring Insurer for Transaction of Certain Types of Insurance

• Acquiring insurer: means a domestic stock insurer, domestic mutual insurer, or reciprocal or inter-insurance exchange organized pursuant to this chapter. See Michigan Laws 500.5100
• 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
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• Commissioner: means the director. See Michigan Laws 500.102
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Continuance: Putting off of a hearing ot trial until a later time.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: 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.
• Department: means the department of insurance and financial services. See Michigan Laws 500.102
• Effective date of the transfer: means the date upon which a transfer occurs. See Michigan Laws 500.5100
• Fiduciary: A trustee, executor, or administrator.
• 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
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Majority leader: see Floor Leaders
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• 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
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• 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 accident fund: means the state accident fund created pursuant to the worker's disability compensation act of 1969, Act No. See Michigan Laws 500.5100
• 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
• Transfer: means the acquisition by an acquiring insurer of all or substantially all of the assets, and assumption by the acquiring insurer of all or substantially all of the liabilities of, the state accident fund pursuant to Act No. See Michigan Laws 500.5100
• Trust: means the Michigan education trust created in section 5. See Michigan Laws 390.1424
• 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