Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 14a - Producer Controlled Insurers

• 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.
• 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.
• 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
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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
• 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.
• 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
• Person: means an individual, limited liability company, corporation, or other legal entity. See Michigan Laws 338.1052
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• 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 an insurance agent or any other person, firm, association, or corporation, when, for any compensation, commission, or other thing of value, the person, firm, association, or corporation acts or aids in any manner in soliciting, negotiating, or procuring the making of an insurance contract on behalf of an insured other than the person, firm, association, or corporation. See Michigan Laws 500.1451
• Security alarm system: means a detection device or an assembly of equipment and devices that is arranged to signal the presence of a hazard that requires urgent attention and is remotely monitored by a central monitoring system. See Michigan Laws 338.1052
• Security alarm system contractor: means a person engaged in the installation, maintenance, alteration, monitoring, or servicing of security alarm systems or who responds to a security alarm system. See Michigan Laws 338.1052
• 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
• Statute: A law passed by a legislature.
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o