Michigan Laws 500.3127 – Distribution of loss, reimbursement, and indemnification among property protection insurers
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Terms Used In Michigan Laws 500.3127
- 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
The provisions for distribution of loss and for reimbursement and indemnification among personal protection insurers as set forth in subsection (2) of section 3115 and in section 3116 also applies to property protection insurers.