Terms Used In Michigan Laws > Chapter 390 > Act 102 of 1986 - Part-Time, Independent Student Grants

• 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 390.1281
• Commissioner: means the director. See Michigan Laws 500.102
• Contract: A legal written agreement that becomes binding when signed.
• Department: means the department of insurance and financial services. See Michigan Laws 500.102
• Financial need: means need as determined by the institution based upon a need analysis standard established by the authority. See Michigan Laws 390.1281
• 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}
• Independent student: means an independent student as defined in 34 C. See Michigan Laws 390.1281
• 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 credits: means all interest that is credited to a deferred annuity contract. See Michigan Laws 500.4101
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Modified guaranteed annuity: means a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods. See Michigan Laws 500.4101
• 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
• 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.
• Part-time: means not less than 3 semester hours and not more than 11 semester hours per semester, or the equivalent for a quarter or term. See Michigan Laws 390.1281
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Separate account: means a separate account established pursuant to this chapter or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer. See Michigan Laws 500.4101
• 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.
• 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
• United States: shall be construed to include the district and territories. See Michigan Laws 8.3o