Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 60 - Reorganization of Mutual Insurers

• annual meeting: when applied to townships, mean the annual meeting required by law to be held on the Saturday immediately preceding the first Monday in April. See Michigan Laws 8.3d
• Appointing authority: means a court or a department, board, commission, agency, or licensing authority of this state or a political subdivision of this state or an entity that is required to provide a qualified interpreter in circumstances described under section 3a. See Michigan Laws 393.502
• 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.
• Commissioner: means the director. See Michigan Laws 500.102
• Contract: A legal written agreement that becomes binding when signed.
• Converted company: means a Michigan domiciled stock insurance company that results from the reorganization of a mutual company under this chapter. See Michigan Laws 500.6001
• 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.
• deaf interpreter: means any person, including any deaf or deaf-blind person, who is able to assist in providing an accurate interpretation between spoken English and sign language or between variants of sign language by acting as an intermediary between a deaf or deaf-blind person and a qualified interpreter. See Michigan Laws 393.502
• Deaf-blind person: means a person who has a combination of hearing loss and vision loss, such that the combination necessitates specialized interpretation of spoken and written information in a manner appropriate to that person's dual sensory loss. See Michigan Laws 393.502
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
• Disabled individual: means any person, other than a person who is blind, who has a vocational disability. See Michigan Laws 395.82
• Division: means the division on deaf and hard of hearing of the department of labor and economic growth. See Michigan Laws 393.502
• Eligible member: means a member whose policy is in force on the date the mutual company's board of directors adopts a plan of reorganization under this chapter. See Michigan Laws 500.6001
• 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}
• 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
• Intermediate holding company: means a business corporation subsidiary of a mutual holding company domiciled in this state, any other state, or the District of Columbia that is authorized to issue 1 or more classes of capital stock, the corporate purposes of which include holding directly or indirectly the voting stock of a converted company. See Michigan Laws 500.6001
• 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.
• Member: means a person who, on the records of the mutual company and pursuant to its articles of incorporation or bylaws, is considered to be a holder of a membership interest in the mutual company. See Michigan Laws 500.6001
• Mutual company: means a domestic mutual insurance company organized under chapter 50, 54, or 58. See Michigan Laws 500.6001
• 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.
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• plan: means a plan adopted pursuant to this chapter by the board of directors of a mutual company for the reorganization of the mutual company simultaneously into both a mutual holding company and a converted company existing as a direct or indirect stock subsidiary of the mutual holding company. See Michigan Laws 500.6001
• Policy: means a group or individual insurance policy or contract issued by a mutual company. See Michigan Laws 500.6001
• Policyholder: means the holder of a policy other than a reinsurance contract. See Michigan Laws 500.6001
• Qualified interpreter: means a person who is certified through the national registry of interpreters for the deaf or certified through the state by the division. See Michigan Laws 393.502
• Quorum: The number of legislators that must be present to do business.
• 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 board: means the state board of education. See Michigan Laws 395.82
• Statute: A law passed by a legislature.
• Vocational disability: means any disability except blindness which constitutes, contributes to, or if not corrected will probably result in an obstruction to occupational performance. See Michigan Laws 395.82