§ 500.7901 Property and casualty guaranty association act; short title
§ 500.7911 Property and casualty guaranty association; membership; exception; laws to which association subject
§ 500.7911a Life or disability insurer not to be member of association
§ 500.7912 Property and casualty guaranty association; board of governors; appointment, terms, and qualifications of members; vacancy
§ 500.7914 Property and casualty guaranty association; plan of operation, adoption, amendment, approval; failure to adopt operation plan
§ 500.7916 Property and casualty guaranty association; servicing facilities; designation; reimbursement; authority; approval
§ 500.7918 Property and casualty guaranty association; powers generally
§ 500.7921 “Insolvent insurer” and “member insurer” defined
§ 500.7925 “Covered claims” defined; definitions
§ 500.7931 Payment and discharge of covered claims; association as party in interest; rights of association; cause of action against insureds; recoverable damages or benefits as credit against covered claim; act
§ 500.7933 Financial condition of member insurer; reports and recommendations; advice to commissioner; exemption from public disclosure
§ 500.7935 Cooperation of insured with association; assignment of rights; indemnification from catastrophic claims association; options
§ 500.7941 Assessments on member insurers; purpose; allocation of claim payments and costs to categories; separate assessments for each category; use, amount, and rate of assessment; remittance and administratio
§ 500.7945 Stay of proceedings
§ 500.7947 Tax exemption
§ 500.7948 Liability
§ 500.7949 Insurance commissioner; regulatory powers; visitation; examination; hearings

Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 79 - Property and Casualty Guaranty Association

  • Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
  • Agreement: means a district library agreement required by section 3 or the agreement governing a district library established under former 1955 PA 164. See Michigan Laws 397.172
  • 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.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • Bequest: Property gifted by will.
  • Board: means a district library board. See Michigan Laws 397.172
  • Commissioner: means the director. See Michigan Laws 500.102
  • 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.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Department: means the department of insurance and financial services. See Michigan Laws 500.102
  • Devise: To gift property by will.
  • District: means the territory of the participating municipalities that is served by a district library established under this act. See Michigan Laws 397.172
  • 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
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106
  • Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
  • Insolvent insurer: means an insurer which has been a member insurer and against whom a final order of liquidation has been entered with a finding of insolvency by a court of competent jurisdiction in the insurer's state of domicile. See Michigan Laws 500.7921
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Legislative body: means , if the municipality is a school district, the school board. See Michigan Laws 397.172
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Member insurer: means an insurer required to be a member of the association pursuant to section 7911. See Michigan Laws 500.7921
  • Municipality: means a city, village, school district, township, or county. See Michigan Laws 397.172
  • 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.
  • Participating: means , in reference to a municipality, that the municipality is a party to an agreement. See Michigan Laws 397.172
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Personal property: All property that is not real property.
  • 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
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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
  • Statute: A law passed by a legislature.
  • Trustee: A person or institution holding and administering property in trust.
  • United States: shall be construed to include the district and territories. See Michigan Laws 8.3o