Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 7 – Reserve Standards for Disability Insurance


§ 500.701	Definitions
§ 500.702	Health insurance reserves; determination of adequacy; basis
§ 500.703	Claim reserves and claim expense reserves required; conditions; testing for adequacy and reasonableness
§ 500.705	Disability income claim reserves; maximum interest rate; morbidity standards specified in rules; exception; group disability income claim reserves; duration from date of disablement 2 years or mo
§ 500.707	Health insurance benefits other than disability income; claim reserves maximum interest rate; basis of claim reserve
§ 500.709	Estimation of claim liabilities; methods
§ 500.711	Unearned premium reserves; treatment of premiums due and unpaid; discount of certain gross premiums paid in advance
§ 500.713	Minimum unearned premium reserve; basis; sum of unearned premium and contract reserves; limitation
§ 500.715	Premium reserves; computation
§ 500.717	Contract reserves; required for certain policies and certificates; exception; addition to claim and premium reserves; methods and procedures; date of incurral defined
§ 500.719	Morbidity standards; rules; structure of valuation net premiums; valuation of health insurance policies and certificates for which tabular morbidity standards not specified; maximum interest rate
§ 500.721	Application of alternative method or basis to contract reserve; assumptions; methods to determine sound value of liabilities
§ 500.723	Tabular reserves; annual review; increments; restriction of future gross premiums; establishment of contract reserves for insufficiency in aggregate
§ 500.725	Reinsurance; determination of increases to, or credit against, reserves
§ 500.729	Individual insurance policies; minimum morbidity standards for disability income benefits; basis of contract reserve standards for certain hospital, surgical, and maternity benefits; basis of con
§ 500.731	Disability benefits for group health insurance certificates; minimum morbidity standards
§ 500.733	Maximum interest rates
§ 500.735	Mortality basis; use of other mortality tables; request for approval
§ 500.737	Rules

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Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 7 - Reserve Standards for Disability Insurance

Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
Annual claim cost: means the net annual cost per unit of benefit before the addition of expenses, including claim settlement expenses, and a margin for profit or contingencies. See Michigan Laws 500.701
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
Authority: means the low-level radioactive waste authority established in section 3. See Michigan Laws 333.26202
Baseline: Projection of the receipts, outlays, and other budget amounts that would ensue in the future without any change in existing policy. Baseline projections are used to gauge the extent to which proposed legislation, if enacted into law, would alter current spending and revenue levels.
Candidate site: means a site designated by the authority as a possible host site pursuant to section 11. See Michigan Laws 333.26202
Commissioner: means the director. See Michigan Laws 500.102
Commissioner: means the head of the authority. See Michigan Laws 333.26202
Compact: means a contractual, cooperative agreement among 2 or more states to provide for the disposal of low-level radioactive waste that is reflected by the passage of statutes by the participating states. See Michigan Laws 333.26202
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.
Date of disablement: means the earliest date the insured is considered as being disabled under the definition of disability in the health insurance policy or certificate based on a doctor's evaluation or other evidence. See Michigan Laws 500.701
Date of incurral: means the date a claim is determined to be a liability of the insurer. See Michigan Laws 500.701
Department: means the department of public health. See Michigan Laws 333.26202
Director: means the director of public health. See Michigan Laws 333.26202
Disposal: means the isolation of waste from the biosphere by emplacement in the disposal site or as otherwise authorized in section 13709(3) of part 137. See Michigan Laws 333.26202
Disposal site: means a geographic location in this state upon which the disposal unit and any other structures and appurtenances are located, the property upon which any monitoring equipment is located, and the isolation distance from the disposal unit to adjacent property lines. See Michigan Laws 333.26202
Disposal unit: means the portion of the disposal site into which waste is placed for disposal. See Michigan Laws 333.26202
Donor: The person who makes a gift.
Elimination period: means a specified number of days, weeks, or months starting at the beginning of each period of loss, during which benefits under a health insurance policy or certificate are not payable. See Michigan Laws 500.701
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.
Ex officio: Literally, by virtue of one's office.
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}
fund: means the fund created in section 20. See Michigan Laws 333.26202
Generator: means any person licensed as a generator by the nuclear regulatory commission and authorized pursuant to part 137 whose act or process results in the production of waste or whose act first causes waste to become subject to regulation under part 137 or federal law. See Michigan Laws 333.26202
Governmental entity: means any of the following:

(i) This state and its agencies, departments, commissions, courts, boards, councils, and statutorily created task forces. See Michigan Laws 333.26101

grantor: may be construed as including every person from or by whom any estate in lands passes in or by any deed. See Michigan Laws 8.3e

Grantor: The person who establishes a trust and places property into it.

Gross premium: means the amount of premium charged by the insurer. See Michigan Laws 500.701

Groundwater: means water below the land surface in a zone of saturation. See Michigan Laws 333.26202

Group insurance: means blanket insurance and franchise insurance and any other forms of group insurance. See Michigan Laws 500.701

Health insurance policy: means an expense-incurred hospital, medical, or surgical policy, certificate, or contract. See Michigan Laws 500.608

Host site: means the candidate site that is designated by the commissioner as the location for the disposal site in this state. See Michigan Laws 333.26202

Host site community: means the municipality that is designated by the commissioner as the host site. See Michigan Laws 333.26202

Institute: means the international low-level radioactive waste research and education institute. See Michigan Laws 333.26202

Institutional control: means the continued surveillance, monitoring, and care of the disposal site after site closure and stabilization to insure the protection of the public health, safety, and welfare, and the environment until the contents of the disposal site no longer have a radioactive content that is greater than the natural background radiation of the host site as determined during its site characterization. See Michigan Laws 333.26202

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}

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}

Level premium: means a premium on a health insurance policy or certificate calculated to remain unchanged throughout either the lifetime of the policy or certificate or for some shorter projected period of years. See Michigan Laws 500.701

Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

Local monitoring committee: means a committee established pursuant to section 14 to represent a candidate site. See Michigan Laws 333.26202

Long-term care insurance: means any insurance policy, certificate, or rider advertised, marketed, offered, or designed to provide coverage for not less than 12 consecutive months for each covered person on an expense incurred, indemnity, prepaid, or other basis, for 1 or more necessary or medically necessary diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services, provided in a setting other than an acute care unit of a hospital. See Michigan Laws 500.701

Manifest: means a form provided or approved by the department that is used for identifying the quantity; composition, including the class, curie count, and radioactive nuclides; origin; routing; and destination of waste from the point of generation to the point of processing, collection, or disposal. See Michigan Laws 333.26202

Modal premium: means the premium paid on a health insurance policy or certificate based on a premium term that could be annual, semiannual, quarterly, monthly, or weekly. See Michigan Laws 500.701

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

Municipality: means a city, village, township, or Indian tribe. See Michigan Laws 333.26202

Operation: means the control, supervision, or implementation of the actual physical activities involved in the acceptance, storage, disposal, and monitoring of waste at the disposal site, the maintenance of the disposal site, and any other responsibility pertaining to the disposal unit and the disposal site. See Michigan Laws 333.26202

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.

Performance assessment: means an analysis of the potential pathways for release of waste to the environment and the potential impacts of a release during the transportation of radioactive waste to the disposal site and during the handling and disposal of waste at the disposal site, including, but not limited to:

(i) A description of the potential pathways for radioactive nuclide migration beyond the boundaries of the disposal site during the operation of the site and if there is a release. See Michigan Laws 333.26202

Person: means an individual, partnership, cooperative, association, corporation, receiver, trustee, or assignee. See Michigan Laws 333.26202

person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l

Plaintiff: The person who files the complaint in a civil lawsuit.

Postclosure observation and maintenance: means the surveillance, monitoring, and maintenance of the disposal site after it has been closed and continuing through site closure and stabilization and institutional control. See Michigan Laws 333.26202

Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.

Quorum: The number of legislators that must be present to do business.

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

Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

Release: means any intentional or unintentional spilling, leaking, pumping, emitting, emptying, discharging, injecting, escaping, leaching, dumping, disposing, or placing of waste into the environment, except in compliance with all of the following:

(i) Part 137. See Michigan Laws 333.26202

Reserve: means all items of benefit liability, whether in the nature of incurred claim liability or in the nature of contract liability relating to future periods of coverage, and whether the liability is accrued or unaccrued. See Michigan Laws 500.701

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

Site characterization: means the site specific investigation of a candidate site undertaken pursuant to section 12. See Michigan Laws 333.26202

Site closure and stabilization: means the actions taken at the disposal site during the time period after the closure of the disposal unit during which on-site low-level radioactive waste is disposed in accordance with part 137, equipment is dismantled, decontaminated, removed for reuse or disposed of, and radioactive residues are removed from, or properly isolated on, the disposal site in preparation for transfer of ownership of the disposal site to the federal government. See Michigan Laws 333.26202

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

Trustee: A person or institution holding and administering property in trust.

Unearned premium reserve: means that portion of the premium on a health insurance policy or certificate paid or due to the insurer that is applicable to the period of coverage extending beyond the valuation date. See Michigan Laws 500.701

United States: shall be construed to include the district and territories. See Michigan Laws 8.3o

Valuation net modal premium: means the modal fraction of the valuation net annual premium that corresponds to the gross modal premium in effect on any contract to which contract reserves apply. See Michigan Laws 500.701

waste: means radioactive material that consists of or contains class A, B, or C radioactive waste as defined by 10 C. See Michigan Laws 333.26202