™Your Policy Risk Impact Agent
110 chapters · 500 sections in this title.
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…
Mich. Comp. Laws § 390.1125 Definitions; R to U.
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Sec. 5. (1) "Related expenses" means the costs of litigation, investigation, attorney fees, and administrative expenses. (2) "Risk management system" means a system or plan to do all of the following: (a) Employ independent actuaries or other qualified technical experts to determ…
Mich. Comp. Laws § 390.1126 Assumption by state of excess loss of university or its agents; conditions.
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Sec. 6. The state shall assume the excess loss of the university or its agents if the university adopts an indemnification and hold harmless policy in which the university agrees to indemnify, save harmless, and defend its agents against professional liability and premises liabil…