Terms Used In Michigan Laws > Chapter 390 > Act 295 of 1969 - Higher Education Facilities Authority Act

• Actuarial certification: means a written statement by a member of the American Academy of Actuaries or another individual acceptable to the director that a small employer carrier is in compliance with section 3705, based on the individual's examination, including a review of the appropriate records and the actuarial assumptions and methods used by the carrier in establishing premiums for applicable health benefit plans. See Michigan Laws 500.3701
• Affiliation period: means a period of time required by a small employer carrier that must expire before health coverage becomes effective. See Michigan Laws 500.3701
• Amortization: Paying off a loan by regular installments.
• 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 facilities authority created by this act. See Michigan Laws 390.922
• Bond: includes a note or other obligation issued by the authority for borrowed money, including refunding bonds. See Michigan Laws 390.922
• Carrier: means a person that provides health benefits, coverage, or insurance in this state. See Michigan Laws 500.3701
• COBRA: means the consolidated omnibus budget reconciliation act of 1985, Public Law 99-272. See Michigan Laws 500.3701
• Commercial carrier: means a small employer carrier other than a health maintenance organization. See Michigan Laws 500.3701
• Commissioner: means the director. See Michigan Laws 500.102
• 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.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Dependent: A person dependent for support upon another.
• Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
• Educational facility: means a structure available for use as a dormitory or other housing facility, including housing facilities for students, a dining hall, student union, administration building, academic building, library, laboratory, research facility, classroom, athletic facility, health care facility, and maintenance, storage, or utility facility, and other structures or facilities related thereto or required or useful for the instruction of students or the conducting of research or the operation of an institution for higher education, including parking and other facilities or structures essential or convenient for the orderly conduct of the institution for higher education, and shall include lands and interests in lands and landscaping, site preparation, furniture, equipment, machinery, and other similar items necessary or convenient for the operation of a particular facility or structure in the manner for which its use is intended, and any improvements necessary to a particular facility to make the facility more energy efficient. See Michigan Laws 390.922
• Educational loan: means a loan made by the authority to an institution. See Michigan Laws 390.922
• Enrollee: means an individual who is entitled to receive health services under a health insurance contract, unless the context requires otherwise. See Michigan Laws 500.116
• Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. ^{Source: OCC}
• Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Geographic area: means an area in this state that includes not less than 1 entire county, is established by a carrier under section 3705, and is used for adjusting premiums for a health benefit plan subject to this chapter. See Michigan Laws 500.3701
• Group health plan: means an employee welfare benefit plan as defined in section 3(1) of subtitle A of title I of the employee retirement income security act of 1974, Public Law 93-406, 29 USC 1002, to the extent that the plan provides medical care, including items and services paid for as medical care to employees or their dependents as defined under the terms of the plan directly or through insurance, reimbursement, or otherwise. See Michigan Laws 500.3701
• Health maintenance organization: means that term as defined in section 3501. See Michigan Laws 500.106
• in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
• Index rate: means the arithmetic average during a rating period of the base premium and the highest premium charged per employee for each health benefit plan offered by each small employer carrier to small employers and sole proprietors in a geographic area. See Michigan Laws 500.3701
• institution: means a private or nonpublic, nonprofit educational institution within the state authorized by law to provide a program of education beyond the high school level. See Michigan Laws 390.922
• 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}
• Lien: A claim against real or personal property in satisfaction of a debt.
• 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
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• 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.
• person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
• Personal property: All property that is not real property.
• plan: means an expense-incurred hospital, medical, or surgical policy or certificate, or health maintenance organization contract. See Michigan Laws 500.3701
• Premium: means all money paid by a small employer, eligible employees, or eligible persons as a condition of receiving coverage from a small employer carrier, including any fees or other contributions associated with the health benefit plan. See Michigan Laws 500.3701
• 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
• Rating period: means the calendar period for which premiums established by a small employer carrier are assumed to be in effect, as determined by the small employer carrier. See Michigan Laws 500.3701
• seal: shall be construed to include any of the following: