™Your Policy Risk Impact Agent
110 chapters · 499 sections in this title.
Mich. Comp. Laws § 390.1121 Meanings of words and phrases.
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Sec. 1. For the purposes of this act, the words and phrases defined in sections 2 to 5 shall have the meanings ascribed to them in those sections.
Mich. Comp. Laws § 390.1122 Definitions; A to E.
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Sec. 2. (1) "Accident year" means the calendar year in which an incurred loss takes place. (2) "Agent" means an officer, employee, student, or authorized person or entity of the university. (3) "Aggregate", when used in connection with incurred loss, incurred loss reserves, or pa…
Mich. Comp. Laws § 390.1123 Definitions; I to L.
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Sec. 3. (1) "Incurred but not reported loss" means an incurred loss which has not been reported. (2) "Incurred but not reported loss reserves" means the amount estimated to be required to pay incurred losses which have not been reported and related expenses allocated with respect…
Mich. Comp. Laws § 390.1124 Definitions; P.
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Sec. 4. (1) "Paid loss" means a loss which has been paid plus expenses allocated and paid with respect to that loss. (2) "Premises liability" means liability for personal injury or property damage, singly or in any combination, which the university becomes legally obligated to pa…