Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 9 – Investments
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws > Chapter 500 > Act 218 of 1956 > Chapter 9 - Investments
- AED: means automated external defibrillator. See Michigan Laws 333.26311
- After-care assistance: means assistance provided by a lay caregiver to a patient following the patient's discharge from a hospital that is related to the patient's condition at the time of discharge. See Michigan Laws 333.26283
- Amortization: Paying off a loan by regular installments.
- 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.
- Appraisal: A determination of property value.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Attending physician: means that term as defined in section 20102 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 333.26283
- Authorized representative: means any of the following:
(i) A person empowered by the patient by explicit written authorization to act on the patient's behalf to access, disclose, or consent to the disclosure of the patient's medical record, in accordance with this act. See Michigan Laws 333.26263Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC 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. Department: means the department of public health. See Michigan Laws 333.26301 Department: means the department of community health. See Michigan Laws 333.26311 Detroit consumer price index: means the most comprehensive index of consumer prices available for the Detroit area from the bureau of labor statistics of the United States department of labor. See Michigan Laws 333.26263 Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102 Discharge: means a patient's exit or release from a hospital to the patient's residence following any medical care or treatment rendered to the patient following an inpatient admission. See Michigan Laws 333.26283 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Educational athletic facility: means a facility that is owned or operated by an educational institution and that is used or intended to be used for 1 or more of the following:
(i) Maintaining or enhancing the aerobic condition or physical strength of 1 or more individuals. See Michigan Laws 333.26301Educational institution: means a public or private secondary school, trade school, vocational school, community or junior college, college, or university. See Michigan Laws 333.26301 Entry: means a patient's admission into a hospital for the purposes of receiving inpatient medical care. See Michigan Laws 333.26283 Escrow: Money given to a third party to be held for payment until certain conditions are met. 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. Facility: means a building, structure, room, place, or area. See Michigan Laws 333.26301 Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller. Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. 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 Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Guardian: means an individual who is appointed under section 5306 of the estates and protected individuals code, 1998 PA 386, MCL 700. See Michigan Laws 333.26263 Health care: means any care, service, or procedure provided by a health care provider or health facility to diagnose, treat, or maintain a patient's physical condition, or that affects the structure or a function of the human body. See Michigan Laws 333.26263 Health care provider: means a person who is licensed or registered or otherwise authorized under article 15 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 333.26263 Health club: means an establishment that provides, as its primary purpose, services or facilities that are purported to assist patrons in physical exercise, in weight control, or in figure development, including, but not limited to, a fitness center, studio, salon, or club. See Michigan Laws 333.26311 Health facility: means a health facility or agency licensed under article 17 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 333.26263 Hospital: means that term as defined in section 20106 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 333.26283 Hotel: means that term as defined in section 1 of Act No. See Michigan Laws 333.26301 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 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 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. lay caregiver: means an individual 18 years of age or older designated as a caregiver by a patient under this act who voluntarily provides after-care assistance to a patient in the patient's residence. See Michigan Laws 333.26283 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 Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity. Lien: A claim against real or personal property in satisfaction of a debt. Medicaid: means that term as defined in section 2701 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 333.26263 Medical record: means information oral or recorded in any form or medium that pertains to a patient's health care, medical history, diagnosis, prognosis, or medical condition and that is maintained by a health care provider or health facility in the process of caring for the patient's health. See Michigan Laws 333.26263 Medical records company: means a person who stores, locates, or copies medical records for a health care provider or health facility under a contract or agreement with that health care provider or health facility and charges a fee for providing medical records to a patient or his or her authorized representative for that health care provider or health facility. See Michigan Laws 333.26263 Medically indigent individual: means that term as defined in section 106 of the social welfare act, 1939 PA 280, MCL 400. See Michigan Laws 333.26263 Medicare: means that term as defined in section 2701 of the public health code, 1978 PA 368, MCL 333. See Michigan Laws 333.26263 Minor: means an individual who is less than 18 years of age, but does not include an individual who is emancipated under section 4 of 1968 PA 293, MCL 722. See Michigan Laws 333.26263 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. Mortgagee: The person to whom property is mortgaged and who has loaned the money. 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. 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. Patient: means an individual who receives or has received health care from a health care provider or health facility. See Michigan Laws 333.26263 Patient advocate: means that term as described and used in section 5506 of the estates and protected individuals code, 1998 PA 386, MCL 700. See Michigan Laws 333.26283 Person: means an individual, corporation, estate, trust, partnership, association, joint venture, government, governmental subdivision or agency, or other legal or commercial entity. See Michigan Laws 333.26263 Person: means an individual, partnership, corporation, association, governmental entity, or other legal entity. See Michigan Laws 333.26311 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Personal representative: means that term as defined in section 1106 of the estates and protected individuals code, 1998 PA 386, MCL 700. See Michigan Laws 333.26263 Practice of physical therapy: means that term as defined in section 17801 of the public health code, Act No. See Michigan Laws 333.26301 Public debt: Cumulative amounts borrowed by the Treasury Department or the Federal Financing Bank from the public or from another fund or account. The public debt does not include agency debt (amounts borrowed by other agencies of the Federal Government). The total public debt is subject to a statutory limit. Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. 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 Recreational athletic facility: means a gymnasium, fitness center, or health spa that is used or intended to be used to maintain or enhance the physical strength of individuals through the use of free weights or weight lifting machinery. See Michigan Laws 333.26301 Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant. Residence: means the dwelling that the patient considers to be his or her home. See Michigan Laws 333.26283 Right of offset: Banks' legal right to seize funds that a guarantor or debtor may have on deposit to cover a loan in default. It is also known as the right of set-off. Source: OCC 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 Statute: A law passed by a legislature. Subpoena: A command to a witness to appear and give testimony. Third party payer: means a public or private health care payment or benefits program including, but not limited to, all of the following:
(i) A health insurer. See Michigan Laws 333.26263Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o