Michigan Laws 390.1122 – Definitions; A to E
Current as of: 2024 | Check for updates
|
Other versions
(1) “Accident year” means the calendar year in which an incurred loss takes place.
(2) “Agent” means an officer, employee, student, or authorized person or entity of the university.
Terms Used In Michigan Laws 390.1122
- 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
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
(3) “Aggregate”, when used in connection with incurred loss, incurred loss reserves, or paid losses means the total of each of loss or reserve.
(4) “Excess loss” means a loss in excess of the funded level of the indemnification reserve fund.
(5) “Expected loss” means the total of incurred loss and incurred but not reported loss.