Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 42 - Industrial Life Insurance

• Academic year: means the period from August 1 of a calendar year to July 31 of the next calendar year. See Michigan Laws 390.1342
• 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.
• Authority: means the Michigan higher education assistance authority created by Act No. See Michigan Laws 390.1371
• Authority: means the Michigan higher education assistance authority created by 1960 PA 77, MCL 390. See Michigan Laws 390.1342
• Authority: means the Michigan higher education assistance authority created by Act No. See Michigan Laws 390.1321
• 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}
• Board: means the body corporate controlling an institution of higher education which is named in sections 4, 5, or 6 of article 8 of the state constitution of 1963 or established by law, as therein provided. See Michigan Laws 390.1351
• 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.
• Donor: The person who makes a gift.
• Eligible institution: means a degree or certificate granting public or independent nonprofit college or university, junior college, or community college in this state. See Michigan Laws 390.1342
• Eligible tuition: means the tuition charged by an eligible institution for an undergraduate class. See Michigan Laws 390.1342
• 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
• 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.
• Full-time student: means a student enrolled in at least 12 credit hours in an academic semester or its equivalent number of credit hours in a term or quarter, as determined by the authority. See Michigan Laws 390.1342
• 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}
• 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
• Michigan veteran: means an individual whose legal residence immediately before entering military service was in this state and who does not later reside outside of this state for a period of more than 2 years, or an individual who establishes legal residency in this state after entering military service. See Michigan Laws 390.1342
• 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
• Part-time student: means a student who is not a full-time student, but is enrolled in at least the number of credit hours in a semester, term, or quarter that the authority defines as a 1/2-time course of study. See Michigan Laws 390.1342
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Program: means the Michigan work-study program established in section 2. See Michigan Laws 390.1321
• 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
• Student loan: means a loan of the type described in section 3. See Michigan Laws 390.1351
• Student loan program: means the program for making loans to students described in section 3. See Michigan Laws 390.1351
• Undergraduate class: means a class or course that provides a student with academic credit applicable toward a bachelor or associate degree from an eligible institution. See Michigan Laws 390.1342
• Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. ^{Source: OCC}
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o