Michigan Laws 390.1125 – Definitions; R to U
Current as of: 2024 | Check for updates
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(1) “Related expenses” means the costs of litigation, investigation, attorney fees, and administrative expenses.
(2) “Risk management system” means a system or plan to do all of the following:
Terms Used In Michigan Laws 390.1125
- 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.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- 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
(a) Employ independent actuaries or other qualified technical experts to determine and measure to the extent possible through accepted and established actuarial procedures and techniques the financial condition of the indemnification reserve fund, the expected loss, and the required funding to which the university or its agents are subject because of professional liability, premises liability, or both.
(b) Implement a program for reducing or eliminating the incidents which give rise to potential professional liability, premises liability, or both.
(3) “Third party reimburser” means a person, firm, organization, corporation, or government agency, other than the university or its agent, which reimburses the university for reasonable costs related to the payment of losses arising out of professional liability, premises liability, or both.
(4) “University” means university of Michigan, Michigan state university, or Wayne state university.