Michigan Laws > Chapter 390 > Act 303 of 1986 – Michigan Work-Study Program
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Terms Used In Michigan Laws > Chapter 390 > Act 303 of 1986 - Michigan Work-Study Program
- 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
- Authority: means the Michigan higher education assistance authority created by Act No. See Michigan Laws 390.1321
- Commissioner: means the director. See Michigan Laws 500.102
- 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 500.4151Contract: A legal written agreement that becomes binding when signed. Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 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. 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 Insurance producer: means that term as defined in section 1201. See Michigan Laws 500.116 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 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 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 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. 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 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. 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 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 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 United States: shall be construed to include the district and territories. See Michigan Laws 8.3o