Terms Used In Michigan Laws 492.33

• Contract: A legal written agreement that becomes binding when signed.
• Guaranteed asset protection waiver: means a contractual agreement in which a creditor agrees for a separate charge to cancel or waive all or part of amounts due on a borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of a motor vehicle. See Michigan Laws 492.23
• Insurer: means an authorized insurer as defined in section 108 of the insurance code of 1956, 1956 PA 218, MCL 500. See Michigan Laws 492.23
• 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}