Terms Used In Michigan Laws > Chapter 338 > Act 330 of 1968 - Private Security Business and Security Alarm Act

• Actual cash value: means the cost of replacing damaged or destroyed property with comparable new property, minus depreciation and obsolescence. See Michigan Laws 500.1605
• 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.
• Affirmed: In the practice of the appellate courts, the decree or order is declared valid and will stand as rendered in the lower court.
• 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.
• 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.
• 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
• Arrest: Taking physical custody of a person by lawful authority.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Blanket insurance: means insurance that provides coverage on collateral as defined in a policy issued to a creditor, without specifically listing the collateral covered. See Michigan Laws 500.1605
• Collateral: means personal property that is pledged as security for the satisfaction of a debt. See Michigan Laws 500.1605
• Commission: means the commission on law enforcement standards created under section 3 of the commission on law enforcement standards act, 1965 PA 203, MCL 28. See Michigan Laws 338.1052
• 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.
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• 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.
• Credit agreement: means the written document that sets forth the terms of the credit transaction and includes the security agreement. See Michigan Laws 500.1605
• Credit transaction: means a transaction by the terms of which the repayment of money loaned or credit commitment made, or payment of goods, services, or properties sold or leased, is to be made at a future date or dates. See Michigan Laws 500.1605
• Creditor: means the lender of money or vendor or lessor of goods, services, property, rights, or privileges for which payment is arranged through a credit transaction, or any successor to the right, title, or interest of a lender, vendor, or lessor. See Michigan Laws 500.1605
• Creditor-placed insurance: means insurance that is purchased unilaterally by the creditor, who is the named insured, subsequent to the date of the credit transaction, providing coverage against loss, expense, or damage to collateralized personal property as a result of fire, theft, collision, or other risks of loss that would either impair a creditor's interest or adversely affect the value of collateral covered by limited dual interest insurance. See Michigan Laws 500.1605
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Debtor: means the borrower of money or a purchaser or lessee of goods, services, property, rights, or privileges, for which payment is arranged through a credit transaction. See Michigan Laws 500.1605
• Decedent: A deceased person.
• Department: means the department of insurance and financial services. See Michigan Laws 500.102
• Department: means the department of licensing and regulatory affairs, except that in reference to the regulation of private security police and private college security forces, department means the department of state police. See Michigan Laws 338.1052
• Dependent: A person dependent for support upon another.
• Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
• 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.
• Executor: A male person named in a will to carry out the decedent
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Fiduciary: A trustee, executor, or administrator.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Governing board: means a board of regents, board of trustees, board of governors, board of control, or other governing body of an institution of higher education. See Michigan Laws 338.1052
• 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}
• insurance contract: means a contract of insurance, indemnity, suretyship, or annuity issued or proposed or intended for issuance by a person engaged in the business of insurance. See Michigan Laws 500.116
• Insurance group: means , for the purpose of conducting an ORSA, insurers and affiliates included within an insurance holding company system. See Michigan Laws 500.1701
• Insurance holding company system: means 2 or more affiliated persons, 1 or more of which is an insurer. See Michigan Laws 500.115
• Insurance premium finance agreement: means an agreement by which an insured or prospective insured promises to pay to a premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance agent in payment of premiums on an insurance contract together with a service charge as authorized and limited by this chapter. See Michigan Laws 500.1502
• Insurance premium finance company: means a person engaged in the business of entering into insurance premium finance agreements. See Michigan Laws 500.1502
• Insurance producer: means that term as defined in section 1201. See Michigan Laws 500.116
• Insurance tracking: means monitoring evidence of insurance on collateralized credit transactions to determine whether insurance required by the credit agreement has lapsed, and communicating with debtors concerning the status of insurance coverage. See Michigan Laws 500.1605
• Insurer: means that term as defined in section 106. See Michigan Laws 500.1701
• 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 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}
• Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
• 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.
• Licensee: means a premium finance company holding a license issued by the commissioner under this chapter. See Michigan Laws 500.1502
• Licensee: means a person licensed under this act. See Michigan Laws 338.1052
• Limited dual interest insurance: means insurance purchased by the creditor to insure its interest in the collateral securing the debtor's credit transaction. See Michigan Laws 500.1605
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Net debt: means the amount necessary to liquidate the remaining debt in a single lump-sum payment, excluding all unearned interest and other unearned charges. See Michigan Laws 500.1605
• ORSA: means a confidential internal assessment, appropriate to the nature, scale, and complexity of an insurer or insurance group, conducted by the insurer or insurance group, of the material and relevant risks associated with the insurer or insurance group's current business plan, and the sufficiency of capital resources to support those risks. See Michigan Laws 500.1701
• ORSA guidance manual: means the own risk and solvency assessment guidance manual as adopted and prescribed by the director. See Michigan Laws 500.1701
• ORSA summary report: means a confidential high-level summary of an insurer or insurance group's ORSA. See Michigan Laws 500.1701
• Oversight: Committee review of the activities of a Federal agency or program.
• 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.
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Person: means an individual, limited liability company, corporation, or other legal entity. See Michigan Laws 338.1052
• Personal property: All property that is not real property.
• Private college security force: means a security force authorized under section 37. See Michigan Laws 338.1052
• Private security guard: means an individual or an employee of an employer who offers, for hire, to provide protection of property on the premises of another, and includes an employee of a private college security force. See Michigan Laws 338.1052
• Private security police: means that part of a business organization or educational institution primarily responsible for the protection of property on the premises of the business organization, but does not include a private college security force. See Michigan Laws 338.1052
• Producer: means a person who receives a commission for insurance placed or written or who, on behalf of an insurer or creditor, solicits, negotiates, effects, procures, delivers, renews, continues, or binds policies of insurance to which this chapter applies, but does not include the following: