Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 40 - Life Insurance Policies and Annuity Contract (Other Than Industrial or Group)

• Academic year: means the period from September 1 of a calendar year to August 31 of the next calendar year. See Michigan Laws 390.1242
• 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.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• authority: means the Michigan higher education assistance authority created by Act No. See Michigan Laws 390.1271
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Cash surrender value: means the net cash surrender value plus any amounts outstanding as policy loans. See Michigan Laws 500.4001
• Child: means an individual who is a natural or adopted child of a deceased Michigan corrections officer and who was under the age of 21 at the time of the Michigan corrections officer's death. See Michigan Laws 390.1262
• Child: means an individual who is a natural or adopted child of a deceased Michigan police officer or deceased Michigan fire fighter and who was under the age of 21 at the time of the Michigan police officer's or Michigan fire fighter's death. See Michigan Laws 390.1242
• College: means a public institution of higher education in this state. See Michigan Laws 390.1231
• Commissioner: means the director. See Michigan Laws 500.102
• Contract: A legal written agreement that becomes binding when signed.
• Contract: means an agreement between a college and a foreign entity for the acquisition, by purchase, lease, or barter, of property or services for the direct benefit or use of either of the parties. See Michigan Laws 390.1231
• 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.
• Department: means the department of insurance and financial services. See Michigan Laws 500.102
• Department: means the department of management and budget. See Michigan Laws 390.1231
• Department: means the department of treasury. See Michigan Laws 390.1242
• Department: means the department of corrections. See Michigan Laws 390.1262
• 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
• Donor: The person who makes a gift.
• Eligible student: means a child or surviving spouse of a Michigan police officer or Michigan fire fighter who was or is killed in the line of duty. See Michigan Laws 390.1242
• Eligible tuition: means the tuition charged by a state institution of higher education for an undergraduate class. See Michigan Laws 390.1242
• 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.
• Fiscal quarter: means a 3-month period ending on January 31, April 30, July 31, or October 31. See Michigan Laws 390.1231
• 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.
• Flexible premium universal life insurance policy: means a universal life insurance policy that permits the policyowner to vary, independently of each other, the amount or timing of 1 or more premium payments or the amount of insurance. See Michigan Laws 500.4001
• Forbearance: A means of handling a delinquent loan. A
• Foreign entity: means a nonresident alien, a corporation, foundation, or association whose principal place of business is outside of the United States, a foreign government, an agency or subdivision of a foreign government, or an agent registered under the foreign agent's registration act, 22 U. See Michigan Laws 390.1231
• Fraud: Intentional deception resulting in injury to another.
• Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. ^{Source: OCC}
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gift aid: means formal scholarships or grants from sources that do not require repayment. See Michigan Laws 390.1242
• 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}
• Grant: means a gift or donation of money or property, or any combination of these, which in any 1 year exceeds $100,000. See Michigan Laws 390.1231
• 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
• 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
• 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}
• 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.
• Killed: means that the Michigan police officer's or Michigan fire fighter's death is the direct and proximate result of a traumatic injury incurred in the line of duty. See Michigan Laws 390.1242
• Killed: means that the Michigan corrections officer's death is the direct and proximate result of a traumatic injury incurred in the line of duty. See Michigan Laws 390.1262
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lender: means an institution of higher education, a vocational school, a state agency, or a financial or credit institution in this state which makes or has made loans for educational purposes. See Michigan Laws 390.1221
• Line of duty: means an action that a Michigan corrections officer is obligated or authorized to perform by rule, regulation, condition of employment or service, or law, including, but not limited to, a social, ceremonial, or athletic function that the Michigan corrections officer is assigned to or compensated for by the public agency he or she serves. See Michigan Laws 390.1262
• Line of duty: means an action that a Michigan police officer or Michigan fire fighter is obligated or authorized to perform by rule, regulation, condition of employment or service, or law, including, but not limited to, a social, ceremonial, or athletic function that the Michigan police officer or Michigan fire fighter is assigned to or compensated for by the public agency he or she serves. See Michigan Laws 390.1242
• Loan: means a loan of money for educational purposes to a person enrolled or accepted for enrollment at an institution of higher education or a vocational school in this state, which loan is insured, reinsured, subsidized, guaranteed, or made by the state or an agency thereof, or which is insured, reinsured, subsidized, or guaranteed by the United States government or an agency thereof. See Michigan Laws 390.1221
• Michigan corrections officer: means a state correctional officer or local correctional officer, as those terms are defined in section 2 of the correctional officers' training act of 1982, 1982 PA 415, MCL 791. See Michigan Laws 390.1262
• Michigan fire fighter: means a member including volunteer members and members paid on call of a fire department, or other organization that provides fire suppression and other fire-related services, of a city, township, village, or county who is responsible for or is in a capacity that includes responsibility for the extinguishment of fires. See Michigan Laws 390.1242
• Michigan police officer: means a sheriff or sheriff's deputy of a sheriff's department in this state; village or township marshal of a village or township in this state; officer of the police department of any city, village, or township in this state; officer of the Michigan state police; or any other police officer or law enforcement officer trained and licensed or certified under the Michigan commission on law enforcement standards act, 1965 PA 203, MCL 28. See Michigan Laws 390.1242
• 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
• Net cash surrender value: means the maximum amount payable to the policyowner upon surrender. See Michigan Laws 500.4001
• 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.
• Occupational disease: means a disease that routinely constitutes a special hazard in, or is commonly regarded as concomitant of, the Michigan corrections officer's occupation. See Michigan Laws 390.1262
• Occupational disease: means a disease that routinely constitutes a special hazard in, or is commonly regarded as concomitant of, the Michigan police officer's or Michigan fire fighter's occupation. See Michigan Laws 390.1242
• 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
• Policy value: means the amount to which separately identified interest credits and mortality, expense, or other charges are made under a universal life insurance policy. See Michigan Laws 500.4001
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402
• 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
• State institution of higher education: means a public community or junior college established under section 7 of article VIII of the state constitution of 1963 or part 25 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1242
• State institution of higher education: means a public community or junior college established under section 7 of article VIII of the state constitution of 1963 or part 25 of the revised school code, 1976 PA 451, MCL 380. See Michigan Laws 390.1262
• Traumatic injury: means a wound or the condition of the body caused by external force, including, but not limited to, an injury inflicted by bullet, explosive, sharp instrument, blunt object or other physical blow, fire, smoke, chemical, electricity, climatic condition, infectious disease, radiation, or bacteria, but excluding an injury resulting from stress, strain, or occupational disease. See Michigan Laws 390.1242
• Traumatic injury: means a wound or the condition of the body caused by external force, including, but not limited to, an injury inflicted by bullet, explosive, sharp instrument, blunt object or other physical blow, fire, smoke, chemical, electricity, climatic condition, infectious disease, radiation, or bacteria, but excluding an injury resulting from stress, strain, or occupational disease. See Michigan Laws 390.1262
• Tuition: means tuition at the rate charged for residents of this state. See Michigan Laws 390.1262
• Undergraduate class: means a class or course that provides a student with academic credit applicable toward a bachelor or associate degree from a state institution of higher education. See Michigan Laws 390.1242
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
• Universal life insurance: means any individual or group life insurance policy under the policy provisions of which separately identified interest credits, other than in connection with dividend accumulations, premium deposit funds, or other supplementary accounts, and mortality and expense charges are made to the policy. See Michigan Laws 500.4001