(i) The individual who enters into a Michigan education savings program agreement and establishes an education savings account. See Michigan Laws 390.1472

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

Advanced computing: means any technology used in the design and development of 1 or more of the following:

    (i) Computer hardware and software. See Michigan Laws 125.2088a

Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.

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.

Affiliated company: means a company in the same corporate system as a parent, an industrial insured, or a member organization by virtue of common ownership, control, operation, or management. See Michigan Laws 500.4601

Affiliated company: means a company in the same corporate system as a parent, by virtue of common ownership, control, operation, or management. See Michigan Laws 500.4701

Agricultural labor camp: means a tract of land and all tents, vehicles, buildings, or other structures pertaining thereto, part of which is established, occupied, or used as living quarters for 5 or more migratory laborers engaged in agricultural activities, including related food processing. See Michigan Laws 333.12401

Alien captive insurance company: means an insurer formed to write insurance business for its parents and affiliates and licensed pursuant to the laws of a country other than the United States or a state, district, commonwealth, territory, or possession of the United States. See Michigan Laws 500.4601

Alternative energy technology: means applied research or commercialization of new or next generation technology in 1 or more of the following:

    (i) Alternative energy technology as that term is defined in section 2 of the Michigan next energy authority act, 2002 PA 593, MCL 207. See Michigan Laws 125.2088a

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.

Amortization: Paying off a loan by regular installments.

Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.

Annuity: means an annuity that is an insurance product under state law that is individually solicited, whether the product is classified as an individual or group annuity. See Michigan Laws 500.4151

Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.

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.

Applicant: means :

    (i) For an individual long-term care insurance policy, the person who seeks to contract for long-term care benefits. See Michigan Laws 500.3901

Applicant: means that term as defined in section 3901. See Michigan Laws 500.3957

Applied research: means translational research conducted with the objective of attaining a specific benefit or to solve a practical problem, or other research activity that seeks to utilize, synthesize, or apply existing knowledge, information, or resources to the resolution of a specified problem, question, or issue, with high potential for commercial application to create jobs in this state. See Michigan Laws 125.2088a

Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

Association: means a legal group of individuals, corporations, limited liability companies, partnerships, political subdivisions, or groups that has been in continuous existence for at least 1 year and the member organizations of which collectively, or that does itself, own, control, or hold, with power to vote, all of the outstanding voting securities of an association captive insurance company incorporated as a stock insurer or organized as a limited liability company; or has complete voting control over an association captive insurance company organized as a mutual insurer. See Michigan Laws 500.4601

Association captive insurance company: means a company that insures risks of the member organizations of the association and their affiliated companies. See Michigan Laws 500.4601

Authority: means the Michigan higher education student loan authority created by section 3. See Michigan Laws 390.1152

Authority: means the Michigan higher education assistance authority created by 1960 PA 77, MCL 390. See Michigan Laws 390.1182

authority: means the Michigan higher education assistance authority created by Act No. See Michigan Laws 390.1271

Authority: means the Michigan higher education assistance authority created by Act No. See Michigan Laws 390.1281

Authority: means the Michigan higher education assistance authority created by Act No. See Michigan Laws 390.1321

Authority: means the Michigan higher education assistance authority created by 1960 PA 77, MCL 390. See Michigan Laws 390.1342

Authority: means the Michigan higher education assistance authority created by Act No. See Michigan Laws 390.1371

Authority: means the Michigan higher education assistance authority created by Act No. See Michigan Laws 390.1401

Authorized agency: means the department of state police; a city, village, or township police department; a county sheriff's department; a United States criminal investigative department or agency; the prosecuting authority of a city, village, township, county, or state or of the United States; the office of financial and insurance regulation; or the department of state. See Michigan Laws 500.4501

Bank or storage facility: means a facility licensed, accredited, or approved under the laws of any state for storage of human bodies or physical parts of human bodies. See Michigan Laws 333.10201

Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.

Basic research: means any original investigation for the advancement of scientific or technological knowledge that will enhance the research capacity of this state in a way that increases the ability to attract to or develop companies, jobs, researchers, or students in this state. See Michigan Laws 125.2088a

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 body corporate controlling an institution of higher education which is named in sections 4, 5, or 6 of article 8 of the state constitution of 1963 or established by law, as therein provided. See Michigan Laws 390.1351

Board: means the board of directors of the Michigan education trust described in section 10. See Michigan Laws 390.1424

Board: means the board of directors of the Michigan education trust described in section 10 of the Michigan education trust act, 1986 PA 316, MCL 390. See Michigan Laws 390.1472

Board: means the board of directors of the Michigan strategic fund, except where the context clearly requires a different definition. See Michigan Laws 125.2004

Bonds: means the bonds authorized to be issued by the authority under this act, which may consist of bonds, notes, term loans, commercial paper, or other debt obligations evidencing an obligation to repay borrowed money and payable solely from revenues and other money pledged by the authority. See Michigan Laws 390.1152

borrower obligations: means loan notes and other debt obligations evidencing loans to students or parents of students that the authority may take, acquire, buy, sell, or indorse under this act and may include a direct or indirect interest in whole or part of the notes or obligations. See Michigan Laws 390.1152

Branch business: means any insurance business transacted by a branch captive insurance company in this state. See Michigan Laws 500.4601

Branch captive insurance company: means an alien captive insurance company authorized by the director to transact the business of insurance in this state through a business unit with a principal place of business in this state. See Michigan Laws 500.4601

Branch operations: means any business operations of a branch captive insurance company in this state. See Michigan Laws 500.4601

Camp operator: means a person who owns, establishes, operates, conducts, manages, or maintains an agricultural labor camp or who causes or permits the occupancy or use of an agricultural labor camp whether or not rent is charged for housing and facilities. See Michigan Laws 333.12401

Captive insurance company: means a pure captive insurance company, association captive insurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company authorized under this chapter. See Michigan Laws 500.4601

Cash compensation: means any discount, concession, fee, service fee, commission, sales charge, loan, override, or cash benefit received by a producer in connection with the recommendation or sale of an annuity from an insurer or intermediary, or directly from the consumer. See Michigan Laws 500.4151

Cash surrender value: means the net cash surrender value plus any amounts outstanding as policy loans. See Michigan Laws 500.4001

Child: means an individual who is a natural or adopted child of a deceased Michigan police officer or deceased Michigan fire fighter and who was under the age of 21 at the time of the Michigan police officer's or Michigan fire fighter's death. See Michigan Laws 390.1242

Child: means an individual who is a natural or adopted child of a deceased Michigan corrections officer and who was under the age of 21 at the time of the Michigan corrections officer's death. See Michigan Laws 390.1262

College: means a public institution of higher education in this state. See Michigan Laws 390.1231

Commercialization: means the transition from research to the actions necessary to achieve market entry and general market competitiveness of new innovative technologies, processes, and products and the services that support, assist, equip, finance, or promote a person or an entity with that transition. See Michigan Laws 125.2088a

commercialization board: means , except as otherwise provided in this subdivision, the strategic economic investment and commercialization board created in section 88k. See Michigan Laws 125.2088a

Commissioner: means the director. See Michigan Laws 500.102

Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.

Competitive edge technology: means 1 or more of the following:

    (i) Life sciences technology. See Michigan Laws 125.2088a

Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.

Consumer profile information: means information that is reasonably appropriate to determine whether a recommendation addresses the consumer's financial situation, insurance needs, and financial objectives, including, at a minimum, the following:

    (i) Age. See Michigan Laws 500.4151

Continuance: Putting off of a hearing ot trial until a later time.

Contract: A legal written agreement that becomes binding when signed.

Contract: means an agreement between a college and a foreign entity for the acquisition, by purchase, lease, or barter, of property or services for the direct benefit or use of either of the parties. See Michigan Laws 390.1231

Controlled unaffiliated business: means a company to which all of the following apply:

    (i) The company is not in the corporate system of a parent and affiliated companies. See Michigan Laws 500.4601

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.

Counterparty: means an SPFC's parent or affiliated company, or, subject to the prior approval of the director, a nonaffiliated company as ceding insurer to the SPFC contract. See Michigan Laws 500.4701

Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.

Decedent: A deceased person.

Deed: The legal instrument used to transfer title in real property from one person to another.

Department: means the department of management and budget. See Michigan Laws 390.1231

Department: means the department of treasury. See Michigan Laws 390.1242

Department: means the department of corrections. See Michigan Laws 390.1262

Department: means the department of treasury. See Michigan Laws 390.1472

Department: means the department of education. See Michigan Laws 390.1501

Department: means the department of insurance and financial services. See Michigan Laws 500.102

Dependent: A person dependent for support upon another.

Designated beneficiary: means the individual designated as the individual whose higher education expenses are expected to be paid from the account. See Michigan Laws 390.1472

Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102

Donor: The person who makes a gift.

Economic development project: means an endeavor related to industrial, commercial, or agricultural enterprise. See Michigan Laws 125.2004

education savings account: means an account established under this act. See Michigan Laws 390.1472

Electronic device technology: means any technology that involves microelectronics, semiconductors, electronic equipment, and instrumentation, radio frequency, microwave, and millimeter electronics; optical and optic-electrical devices; or data and digital communications and imaging devices. See Michigan Laws 125.2088a

Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) ^{Source: OCC}

Eligible costs: means tuition and fees charged by an eligible institution; related costs for room, board, books, supplies, transportation, or day care; and other costs determined by the authority. See Michigan Laws 390.1182

Eligible educational institution: means that term as defined in section 529 of the internal revenue code or a college, university, community college, or junior college described in section 4, 5, or 6 of article VIII of the state constitution of 1963 or established under section 7 of article VIII of the state constitution of 1963. See Michigan Laws 390.1472

Eligible employment: means either of the following:

    (i) Teaching in a nursing program. See Michigan Laws 390.1182

Eligible institution: means an institution of higher education; a vocational school; or, with respect to students or their parents who are citizens or nationals of the United States, an institution outside the United States comparable to an institution of higher education or to a vocational school that is approved by the state board of education and by the United States secretary of education for purposes of the guaranteed loan program. See Michigan Laws 390.1152

Eligible institution: means a degree or certificate granting public or independent nonprofit college or university, junior college, or community college in this state. See Michigan Laws 390.1182

Eligible institution: means a degree or certificate granting public or independent nonprofit college or university, junior college, or community college in this state. See Michigan Laws 390.1342

Eligible student: means a child or surviving spouse of a Michigan police officer or Michigan fire fighter who was or is killed in the line of duty. See Michigan Laws 390.1242

Eligible tuition: means the tuition charged by a state institution of higher education for an undergraduate class. See Michigan Laws 390.1242

Eligible tuition: means the tuition charged by an eligible institution for an undergraduate class. See Michigan Laws 390.1342

Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}

Enrollee: means an individual who is entitled to receive health services under a health insurance contract, unless the context requires otherwise. See Michigan Laws 500.116

environmental health: means the area of activity which deals with the protection of human health through the management, control, and prevention of environmental factors which may adversely affect the health of individuals. See Michigan Laws 333.12101

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}

Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.

Ex officio: Literally, by virtue of one's office.

Executor: A male person named in a will to carry out the decedent

Fair value: means the following:

    (i) For cash, the amount of the cash. See Michigan Laws 500.4701

Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}

Fiduciary: A trustee, executor, or administrator.

Financial institution: means a state or nationally chartered bank or a state or federally chartered savings and loan association, savings bank, or credit union whose deposits are insured by an agency of the United States government and that maintains a principal office or branch office in this state under the laws of this state or the United States. See Michigan Laws 125.2004

Financial need: means need as determined by the institution based upon a need analysis standard established by the authority. See Michigan Laws 390.1281

Fiscal quarter: means a 3-month period ending on January 31, April 30, July 31, or October 31. See Michigan Laws 390.1231

Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.

Flexible premium universal life insurance policy: means a universal life insurance policy that permits the policyowner to vary, independently of each other, the amount or timing of 1 or more premium payments or the amount of insurance. See Michigan Laws 500.4001

Forbearance: A means of handling a delinquent loan. A

Foreign captive: means a captive insurer formed under the laws of the District of Columbia or a state, commonwealth, territory, or possession of the United States other than this state. See Michigan Laws 500.4701

Foreign entity: means a nonresident alien, a corporation, foundation, or association whose principal place of business is outside of the United States, a foreign government, an agency or subdivision of a foreign government, or an agent registered under the foreign agent's registration act, 22 U. See Michigan Laws 390.1231

Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}

Fraud: Intentional deception resulting in injury to another.

Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}

Full-time student: means a student enrolled in at least 12 credit hours in an academic semester or its equivalent number of credit hours in a term or quarter, as determined by the authority. See Michigan Laws 390.1342

Fund: means the advance tuition payment fund created in section 9. See Michigan Laws 390.1424

Fund: means the Michigan strategic fund created under section 5, except where the context clearly requires a different definition. See Michigan Laws 125.2004

Fund: means the migratory labor housing fund. See Michigan Laws 333.12401

Fund board: means the board of the Michigan strategic fund described in section 5. See Michigan Laws 125.2088a

GAAP: means generally accepted accounting principles. See Michigan Laws 500.4601

Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.

Gift aid: means formal scholarships or grants from sources that do not require repayment. See Michigan Laws 390.1242

Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. ^{Source: Federal Reserve}

Grant: means a gift or donation of money or property, or any combination of these, which in any 1 year exceeds $100,000. See Michigan Laws 390.1231

Group long-term care insurance: means a long-term care insurance certificate that is delivered or issued for delivery in this state and issued to any of the following:

    (i) One or more employers or labor organizations, or to a trust or the trustees of a fund established by 1 or more employers or labor organizations for employees or former employees or members or former members of the labor organization. See Michigan Laws 500.3901

Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}

Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.

Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106

Homeland security and defense technology: means technology that assists in the assessment of threats or damage to the general population and critical infrastructure, protection of, defense against, or mitigation of the effects of foreign or domestic threats, disasters, or attacks, or support for crisis or response management, including, but not limited to, 1 or more of the following:

    (i) Sensors, systems, processes, or equipment for communications, identification and authentication, screening, surveillance, tracking, and data analysis. See Michigan Laws 125.2088a

Immediate family: means the student athlete's spouse, child, parent, stepparent, grandparent, grandchild, brother, sister, parent-in-law, brother-in-law, sister-in-law, nephew, niece, aunt, uncle, first cousin, or the spouse or guardian of any of the persons described in this subdivision. See Michigan Laws 390.1501

in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q

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}

Independent peer review expert: means a person or persons selected by the commercialization board with appropriate expertise to conduct an independent, unbiased, objective, and competitive evaluation of activities funded under section 88k. See Michigan Laws 125.2088a

Independent student: means an independent student as defined in 34 C. See Michigan Laws 390.1281

Industrial insured: means an insured to which all of the following apply:

    (i) The insured procures insurance by use of the services of a full-time employee acting as a risk manager or insurance manager or utilizing the services of a regularly and continuously qualified insurance consultant. See Michigan Laws 500.4601

Industrial insured captive insurance company: means a company that insures risks of the industrial insureds that comprise the industrial insured group and their affiliated companies. See Michigan Laws 500.4601

Industrial insured group: means a group that meets either of the following criteria:

    (i) The group is a group of industrial insureds that collectively own, control, or hold, with power to vote, all of the outstanding voting securities of an industrial insured captive insurance company incorporated as a stock insurer or limited liability company or have complete voting control over an industrial insured captive insurance company incorporated as a mutual insurer. See Michigan Laws 500.4601

insolvent: means 1 or more of the following:

    (i) That the SPFC is unable to pay its obligations within 30 days after they are due, unless those obligations are the subject of a bona fide dispute. See Michigan Laws 500.4701

Institution of higher education: means a public or private college or university in this state. See Michigan Laws 390.1501

Institution of higher education: means an institution of higher education or a community or junior college described in section 4, 5, 6, or 7 of article VIII of the state constitution of 1963 or an independent nonprofit degree-granting institution of postsecondary education in this state that is approved by the state board of education. See Michigan Laws 125.2088a

Insurance holding company system: means 2 or more affiliated persons, 1 or more of which is an insurer. See Michigan Laws 500.115

Insurance producer: means that term as defined in section 1201. See Michigan Laws 500.116

Insurance securitization: means a package of related risk transfer instruments, capital market offerings, and facilitating administrative agreements by which all of the following apply:

    (i) The proceeds of the sale of SPFC securities are obtained, in a transaction that complies with applicable securities laws, by an SPFC directly through the issuance of the SPFC securities by the SPFC or indirectly through the issuance of preferred securities by the SPFC in exchange for some or all of the proceeds of the sale of SPFC securities by the SPFC's parent, an affiliated company of the SPFC, a counterparty, or a captive LLC. See Michigan Laws 500.4701

Insurer: means a property-casualty insurer, life insurer, third party administrator, self-funded plan, health insurer, health maintenance organization, nonprofit dental care corporation, health care corporation, reinsurer, or any other entity regulated by the insurance laws of this state and providing any form of insurance. See Michigan Laws 500.4501

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

Interest credits: means all interest that is credited to a deferred annuity contract. See Michigan Laws 500.4101

Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}

Intermediary: means an entity contracted directly with an insurer or with another entity contracted with an insurer to facilitate the sale of the insurer's annuities by producers. See Michigan Laws 500.4151

Internal revenue code: means the United States internal revenue code of 1986 in effect on January 1, 2002 or at the option of the taxpayer, in effect for the current year. See Michigan Laws 390.1472

investment fund: means the jobs for Michigan investment fund created in section 88h. See Michigan Laws 125.2088a

Irrevocable letter of credit: means a letter of credit that meets the description in section 1105(c). See Michigan Laws 500.4601

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.

Killed: means that the Michigan police officer's or Michigan fire fighter's death is the direct and proximate result of a traumatic injury incurred in the line of duty. See Michigan Laws 390.1242

Killed: means that the Michigan corrections officer's death is the direct and proximate result of a traumatic injury incurred in the line of duty. See Michigan Laws 390.1262

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}

Lender: means an institution of higher education, a vocational school, a state agency, or a financial or credit institution in this state which makes or has made loans for educational purposes. See Michigan Laws 390.1221

Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

Licensed practical nurse: means an individual licensed to engage in the practice of nursing as a licensed practical nurse as defined in section 17201 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 390.1182

Lien: A claim against real or personal property in satisfaction of a debt.

Life sciences: means science for the examination or understanding of life or life processes, including, but not limited to, all of the following:

    (i) Bioengineering. See Michigan Laws 125.2088a

Line of duty: means an action that a Michigan police officer or Michigan fire fighter is obligated or authorized to perform by rule, regulation, condition of employment or service, or law, including, but not limited to, a social, ceremonial, or athletic function that the Michigan police officer or Michigan fire fighter is assigned to or compensated for by the public agency he or she serves. See Michigan Laws 390.1242

Line of duty: means an action that a Michigan corrections officer is obligated or authorized to perform by rule, regulation, condition of employment or service, or law, including, but not limited to, a social, ceremonial, or athletic function that the Michigan corrections officer is assigned to or compensated for by the public agency he or she serves. See Michigan Laws 390.1262

Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.

Loan: means a loan of money for educational purposes to a person enrolled or accepted for enrollment at an institution of higher education or a vocational school in this state, which loan is insured, reinsured, subsidized, guaranteed, or made by the state or an agency thereof, or which is insured, reinsured, subsidized, or guaranteed by the United States government or an agency thereof. See Michigan Laws 390.1221

Long-term care insurance: means an individual or group insurance policy, certificate, or rider advertised, marketed, offered, or designed to provide coverage for at least 12 consecutive months for each covered person on an expense-incurred, indemnity, prepaid, or other basis for 1 or more necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance, personal, or custodial care services provided in a setting, including an assisted living facility operating legally in this state, but not including an acute care unit of a hospital. See Michigan Laws 500.3901

Majority leader: see Floor Leaders

Management: means the board of directors, managing board, or other individual or individuals vested with overall responsibility for the management of the affairs of the SPFC, including the election and appointment of officers or other agents to act on behalf of the SPFC. See Michigan Laws 500.4701

Management contract: means the contract executed between the treasurer and a program manager. See Michigan Laws 390.1472

Material conflict of interest: means a financial interest of the producer in the sale of an annuity that a reasonable person would expect to influence the impartiality of a recommendation. See Michigan Laws 500.4151

MEDC: means the Michigan economic development corporation, the public body corporate created under section 28 of article VII of the state constitution of 1963 and the urban cooperation act of 1967, 1967 (Ex Sess) PA 7, MCL 124. See Michigan Laws 125.2004

Medicare: means title XVIII of the social security act, 42 USC 1395 to 1395ggg. See Michigan Laws 500.3901

Member of the family: means a family member as defined in section 529 of the internal revenue code. See Michigan Laws 390.1472

Member organization: means an individual, corporation, limited liability company, partnership, or association that belongs to an association. See Michigan Laws 500.4601

MEOG: means a Michigan educational opportunity grant established under section 2. See Michigan Laws 390.1401

Michigan corrections officer: means a state correctional officer or local correctional officer, as those terms are defined in section 2 of the correctional officers' training act of 1982, 1982 PA 415, MCL 791. See Michigan Laws 390.1262

Michigan education savings program agreement: means the agreement between the program and an account owner that establishes an education savings account. See Michigan Laws 390.1472

Michigan fire fighter: means a member including volunteer members and members paid on call of a fire department, or other organization that provides fire suppression and other fire-related services, of a city, township, village, or county who is responsible for or is in a capacity that includes responsibility for the extinguishment of fires. See Michigan Laws 390.1242

Michigan police officer: means a sheriff or sheriff's deputy of a sheriff's department in this state; village or township marshal of a village or township in this state; officer of the police department of any city, village, or township in this state; officer of the Michigan state police; or any other police officer or law enforcement officer trained and licensed or certified under the Michigan commission on law enforcement standards act, 1965 PA 203, MCL 28. See Michigan Laws 390.1242

Michigan veteran: means an individual whose legal residence immediately before entering military service was in this state and who does not later reside outside of this state for a period of more than 2 years, or an individual who establishes legal residency in this state after entering military service. See Michigan Laws 390.1342

Modified guaranteed annuity: means a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods. See Michigan Laws 500.4101

month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j

Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

MWS: means the Michigan work-study program established in section 2. See Michigan Laws 390.1371

National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}

Net cash surrender value: means the maximum amount payable to the policyowner upon surrender. See Michigan Laws 500.4001

Next of kin: means the spouse of a deceased individual or a person related to a deceased individual within the third degree of consanguinity as determined by the civil law method. See Michigan Laws 333.10201

Noncash compensation: means a form of compensation that is not cash compensation, including, but not limited to, health insurance, office rent, office support, and retirement benefits. See Michigan Laws 500.4151

Nonguaranteed elements: means the premiums, credited interest rates, including any bonus, benefits, values, dividends, noninterest based credits, charges, or elements of formulas used to determine any of these, that are subject to company discretion and are not guaranteed at issue. See Michigan Laws 500.4151

Nursing program: means either of the following:

    (i) A program for the training of individuals to become registered nurses or licensed practical nurses operated in this state by an eligible institution and approved by the Michigan board of nursing. See Michigan Laws 390.1182

Oath: A promise to tell the truth.

oath: shall be construed to include the word "affirmation" in all cases where by law an affirmation may be substituted for an oath; and in like cases the word "sworn" shall be construed to include the word "affirmed". See Michigan Laws 8.3k

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.

Occupational disease: means a disease that routinely constitutes a special hazard in, or is commonly regarded as concomitant of, the Michigan police officer's or Michigan fire fighter's occupation. See Michigan Laws 390.1242

Occupational disease: means a disease that routinely constitutes a special hazard in, or is commonly regarded as concomitant of, the Michigan corrections officer's occupation. See Michigan Laws 390.1262

Office: means the department. See Michigan Laws 500.4601

Office: means the department. See Michigan Laws 500.4701

Organization: means an organization or internal department of an insurer established to detect and prevent insurance fraud. See Michigan Laws 500.4501

Organizational document: means the articles of incorporation, articles of organization, bylaws, operating agreement, or other foundational documents that create a legal entity or prescribe its existence. See Michigan Laws 500.4601

Organizational document: means the SPFC's articles of incorporation, articles of organization, bylaws, operating agreement, or other foundational documents that establish the SPFC as a legal entity or prescribes its existence. See Michigan Laws 500.4701

Oversight: Committee review of the activities of a Federal agency or program.

Parent: means a biological or adoptive parent or legal guardian. See Michigan Laws 390.1152

Parent: means a corporation, limited liability company, partnership, or individual that directly or indirectly owns, controls, or holds with power to vote more than 50% of the outstanding voting interests of a company. See Michigan Laws 500.4601

Parent: means a corporation, limited liability company, partnership, or individual that directly or indirectly owns, controls, or holds with power to vote more than 50% of the outstanding voting securities of an SPFC. See Michigan Laws 500.4701

Part-time: means not less than 3 semester hours and not more than 11 semester hours per semester, or the equivalent for a quarter or term. See Michigan Laws 390.1281

Part-time student: means a student who is not a full-time student, but is enrolled in at least the number of credit hours in a semester, term, or quarter that the authority defines as a 1/2-time course of study. See Michigan Laws 390.1342

Participant: means an entity as described in section 4667, and any affiliates of the entity, that are insured by a sponsored captive insurance company, if the recovery of the participant is limited through a participant contract to the assets of a protected cell. See Michigan Laws 500.4601

Participant contract: means a contract by which a sponsored captive insurance company insures the risks of a participant and limits the recovery of the participant to the assets of a protected cell. See Michigan Laws 500.4601

Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.

partnership policy: means a policy that meets all of the requirements for the long-term care partnership program under section 112c of the social welfare act, 1939 PA 280, MCL 400. See Michigan Laws 500.3957

Permitted investments: means those investments that meet the qualifications in section 4727(1). See Michigan Laws 500.4701

Person: includes an individual, insurer, company, association, organization, Lloyds, society, reciprocal or inter-insurance exchange, partnership, syndicate, business trust, corporation, and any other legal entity. See Michigan Laws 500.4501

Person: means an individual, sole proprietorship, partnership, limited partnership, limited liability partnership, limited liability company, joint venture, profit or nonprofit corporation including a public or private college or university, public utility, municipality, local industrial development corporation, economic development corporation, other association of persons organized for agricultural, commercial, or industrial purposes, a lender, or any other entity approved by the board. See Michigan Laws 125.2004

Person: means a person as defined in section 1106 or a governmental entity. See Michigan Laws 333.12401

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.

plans: means a plan that provides different investment strategies and allows account distributions for qualified higher education expenses. See Michigan Laws 390.1472

Policy: means an insurance policy or certificate, rider, or endorsement delivered or issued for delivery in this state by an insurer or subsidiary of a nonprofit health care corporation. See Michigan Laws 500.3901

Policy: means that term as defined in section 3901. See Michigan Laws 500.3957

policy: means an insurance policy, benefit contract of a self-funded plan, health maintenance organization contract, nonprofit dental care corporation certificate, or health care corporation certificate. See Michigan Laws 500.4501

Policy value: means the amount to which separately identified interest credits and mortality, expense, or other charges are made under a universal life insurance policy. See Michigan Laws 500.4001

Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}

Practitioner: means a licensee of this state authorized to practice medicine and surgery, psychology, chiropractic, or law, any other licensee of the state, or an unlicensed health care provider whose services are compensated, directly or indirectly, by insurance proceeds, or a licensee similarly licensed in other states and nations, or the practitioner of any nonmedical treatment rendered in accordance with a recognized religious method of healing. See Michigan Laws 500.4501

Preferred securities: means securities, whether stock or debt, issued by an SPFC to the issuer of the SPFC securities in exchange for some or all of the proceeds of the issuance of the SPFC securities. See Michigan Laws 500.4701

Private sector: means other than the fund, a state or federal source, or an agency of a state or the federal government. See Michigan Laws 125.2004

Probate: Proving a will

producer: means insurance producer as defined in section 1201 and includes a business entity described in section 1205(2) that is licensed as an insurance producer under this act. See Michigan Laws 500.4151

Program: means the Michigan work-study program established in section 2. See Michigan Laws 390.1321

Program: means the Michigan education savings program established pursuant to this act. See Michigan Laws 390.1472

Program manager: means an entity selected by the treasurer to act as a manager of 1 or more of the savings plans offered under the program. See Michigan Laws 390.1472

Project: means an economic development project and, in addition, means the acquisition, construction, reconstruction, conversion, or leasing of an industrial, commercial, retail, agricultural, or forestry enterprise, or any part of these, to carry out the purposes and objectives of this act and of the fund, including, but not limited to, acquisition of land or interest in land, buildings, structures, or other planned or existing planned improvements to land including leasehold improvements, machinery, equipment, or furnishings which include, but are not limited to, the following: research parks; office facilities; engineering facilities; research and development laboratories; warehousing facilities; parts distribution facilities; depots or storage facilities; port facilities; railroad facilities, including trackage, right of way, and appurtenances; airports; bridges and bridge facilities; water and air pollution control equipment or waste disposal facilities; theme or recreational parks; equipment or facilities designed to produce energy from renewable resources; farms, ranches, forests, and other agricultural or forestry commodity producers; agricultural harvesting, storage, transportation, or processing facilities or equipment; grain elevators; shipping heads and livestock pens; livestock; warehouses; wharves and dock facilities; dredging of recreational or commercial harbors; water, electricity, hydro electric, coal, petroleum, or natural gas provision facilities; dams and irrigation facilities; sewage, liquid, and solid waste collection, disposal treatment, and drainage services and facilities. See Michigan Laws 125.2004

Protected cell: means a segregated account established and maintained by a sponsored captive insurance company for 1 participant. See Michigan Laws 500.4601

Protected cell: means a segregated account established and maintained by an SPFC for 1 or more SPFC contracts that are part of a single securitization transaction as further provided for in chapter 48. See Michigan Laws 500.4701

Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.

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

Pure captive insurance company: means a company that insures risks of its parent, affiliated companies, controlled unaffiliated businesses, or a combination of its parent, affiliated companies, and controlled unaffiliated businesses. See Michigan Laws 500.4601

Qualified beneficiary: means any resident of this state. See Michigan Laws 390.1424

Qualified business: means a business entity located in this state. See Michigan Laws 125.2088a

Qualified higher education expenses: means qualified higher education expenses as defined in section 529 of the internal revenue code. See Michigan Laws 390.1472

Qualified mezzanine fund: means a person or entity primarily engaged in making loans or investments ranging in size from $250,000. See Michigan Laws 125.2088a

Qualified private equity fund: means a firm principally or primarily engaged in investing in or acquiring businesses that is managed by 2 or more individuals with no less than 5 years of direct experience in private equity investments, and that holds investment capital from investors other than the fund. See Michigan Laws 125.2088a

Qualified venture capital fund: means a firm principally or primarily engaged in investing in or acquiring early stage businesses with growth potential that have not yet demonstrated consistent profitability or a proven business model, that is managed by 2 or more individuals with not less than 5 years of direct experience in venture capital, and that holds capital from investors other than the fund. See Michigan Laws 125.2088a

Qualified withdrawal: means a distribution that is not subject to a penalty or an excise tax under section 529 of the internal revenue code, a penalty under this act, or taxation under the income tax act of 1967, 1967 PA 281, MCL 206. See Michigan Laws 390.1472

Quorum: The number of legislators that must be present to do business.

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.

Recommendation: means advice provided by a producer to an individual consumer that was intended to result or does result in a purchase, exchange, or replacement of an annuity in accordance with that advice. See Michigan Laws 500.4151

Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}

Registered professional nurse: means that term as defined in section 17201 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 390.1182

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.

Remodeling: means the remodeling, improving, or reconstruction of existing housing or facilities which are incidental or appurtenant thereto for migratory laborers or the construction of new housing or facilities which are incidental or appurtenant thereto for migratory laborers. See Michigan Laws 333.12401

replace: means a transaction in which a new annuity is to be purchased, and it is known or should be known to the proposing producer, or to the proposing insurer whether or not a producer is involved, that by reason of the transaction, an existing annuity or other insurance policy has been or is to be any of the following:

    (i) Lapsed, forfeited, surrendered or partially surrendered, assigned to the replacing insurer, or otherwise terminated. See Michigan Laws 500.4151

Reserves: means that term as used in chapter 8. See Michigan Laws 500.4701

resolution: when used in relation to the issuance of bonds, means either the resolution or trust agreement securing the bonds. See Michigan Laws 390.1152

Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.

seal: shall be construed to include any of the following:

    (a) The impression of the seal on the paper alone. See Michigan Laws 8.3n

Securities: means those different types of debt obligations, equity, surplus certificates, surplus notes, funding agreements, derivatives, and other legal forms of financial instruments. See Michigan Laws 500.4701

Securities commissioner: means the securities administrator in the department of licensing and regulatory affairs. See Michigan Laws 500.4701

Separate account: means a separate account established pursuant to this chapter or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer. See Michigan Laws 500.4101

Service academy: means the United States military academy, United States naval academy, United States air force academy, United States coast guard academy, or United States merchant marine academy. See Michigan Laws 390.1472

Service of process: The service of writs or summonses to the appropriate party.

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.

shall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c

Small business: means a business entity formed or doing business in this state, including the affiliates of the business concern, which business entity is independently owned and operated and employs fewer than 250 full-time employees or has gross annual sales of less than $6,000,000. See Michigan Laws 125.2088a

Special purpose captive insurance company: means a captive insurance company that is authorized under this chapter and chapter 47 that does not meet the definition of any other type of captive insurance company defined in this section. See Michigan Laws 500.4601

SPFC contract: means a contract between the SPFC and the counterparty pursuant to which the SPFC agrees to provide insurance or reinsurance protection to the counterparty for risks associated with the counterparty's insurance or reinsurance business. See Michigan Laws 500.4701

SPFC securities: means the securities issued pursuant to an insurance securitization, the proceeds of which are used in the manner described in subdivision (i). See Michigan Laws 500.4701

Sponsor: means an entity that meets the requirements of section 4665 and is approved by the director to provide all or part of the capital and retained earnings required by applicable law and to organize and operate a sponsored captive insurance company. See Michigan Laws 500.4601

Sponsored captive insurance company: means a captive insurance company in which the minimum capital and retained earnings required by applicable law is provided by 1 or more sponsors, that is authorized under this chapter, that insures the risks of separate participants through the participant contract, and that segregates each participant's liability through 1 or more protected cells. See Michigan Laws 500.4601

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 institution of higher education: means a public community or junior college established under section 7 of article VIII of the state constitution of 1963 or part 25 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1242

State institution of higher education: means a public community or junior college established under section 7 of article VIII of the state constitution of 1963 or part 25 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1262

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

Statement: includes , but is not limited to, any notice statement, proof of loss, bill of lading, receipt for payment, invoice, account, estimate of property damages, bill for services, claim form, diagnosis, prescription, hospital or doctor record, X-rays, test result, or other evidence of loss, injury, or expense. See Michigan Laws 500.4501

Statute: A law passed by a legislature.

steerer: means a person who receives a pecuniary or other benefit from a practitioner, whether directly or indirectly, for procuring or attempting to procure a client, patient, or customer at the direction or request of, or in cooperation with, a practitioner whose intent is to obtain benefits under a contract of insurance or to assert a claim against an insured or an insurer for providing services to the client, patient, or customer. See Michigan Laws 500.4501

Student: means a person who is enrolled or accepted for enrollment at an eligible institution and who is making suitable progress in his or her education toward obtaining a degree or other appropriate certification in accordance with standards acceptable to the authority. See Michigan Laws 390.1152

Student athlete: means a person who engages in, is eligible to engage in, or may be eligible to engage in any intercollegiate sporting event, contest, exhibition, or program. See Michigan Laws 390.1501

Student loan: means a loan of the type described in section 3. See Michigan Laws 390.1351

Student loan program: means the program for making loans to students described in section 3. See Michigan Laws 390.1351

Subpoena: A command to a witness to appear and give testimony.

Surplus: means unassigned funds for an entity using statutory accounting principles, with capital and surplus including all capital stock, paid in capital and contributed surplus, and other surplus funds with corresponding items under GAAP consisting of retained earnings and accumulated other comprehensive income, with capital and retained earnings including all capital stock, additional paid in capital, and other equity funds. See Michigan Laws 500.4601

Talent investment fund: means the talent investment fund as defined in section 8a. See Michigan Laws 390.1152

Testimony: Evidence presented orally by witnesses during trials or before grand juries.

Third party: means a person unrelated to an SPFC or its counterparty, or both, that has been aggrieved by a decision of a director regarding that SPFC or its activities. See Michigan Laws 500.4701

Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.

Traumatic injury: means a wound or the condition of the body caused by external force, including, but not limited to, an injury inflicted by bullet, explosive, sharp instrument, blunt object or other physical blow, fire, smoke, chemical, electricity, climatic condition, infectious disease, radiation, or bacteria, but excluding an injury resulting from stress, strain, or occupational disease. See Michigan Laws 390.1242

Traumatic injury: means a wound or the condition of the body caused by external force, including, but not limited to, an injury inflicted by bullet, explosive, sharp instrument, blunt object or other physical blow, fire, smoke, chemical, electricity, climatic condition, infectious disease, radiation, or bacteria, but excluding an injury resulting from stress, strain, or occupational disease. See Michigan Laws 390.1262

Treasurer: means the state treasurer. See Michigan Laws 390.1472

Treasury rates: means the United States treasury strips asked yield as published in the Wall Street Journal as of a balance sheet date. See Michigan Laws 500.4601

Trust: means the Michigan education trust created in section 5. See Michigan Laws 390.1424

Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}

Trustee: A person or institution holding and administering property in trust.

Tuition: means tuition at the rate charged for residents of this state. See Michigan Laws 390.1262

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

under common control with: means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a commercial contract for goods or nonmanagement services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. See Michigan Laws 500.4701

Undergraduate class: means a class or course that provides a student with academic credit applicable toward a bachelor or associate degree from a state institution of higher education. See Michigan Laws 390.1242

Undergraduate class: means a class or course that provides a student with academic credit applicable toward a bachelor or associate degree from an eligible institution. See Michigan Laws 390.1342

Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}

United States: shall be construed to include the district and territories. See Michigan Laws 8.3o

Universal life insurance: means any individual or group life insurance policy under the policy provisions of which separately identified interest credits, other than in connection with dividend accumulations, premium deposit funds, or other supplementary accounts, and mortality and expense charges are made to the policy. See Michigan Laws 500.4001

University technology transfer: means innovative methods to accelerate the creation of start-up companies affiliated with institutions of higher education or the transfer of competitive edge technology research from an institution of higher education to a qualified business in Michigan. See Michigan Laws 125.2088a

Voting security: includes any security convertible into or evidencing the right to acquire a voting security. See Michigan Laws 500.4601

Weighted average tuition cost of state institutions of higher education: means the tuition cost arrived at by adding the products of the annual undergraduate tuition cost at each state institution of higher education and its total number of undergraduate fiscal year equated students, and then dividing the gross total of this cumulation by the total number of undergraduate fiscal year equated students attending state institutions of higher education. See Michigan Laws 390.1424