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 paid losses means the total of each of loss or reserve.
(4) "Excess loss" means a loss in excess of the funded level of the indemnification reserve fund.
(5) "Expected loss" means the total of incurred loss and incurred but not reported loss.
History: 1977, Act 315, Imd. Eff. Jan. 9, 1978
Structure Michigan Compiled Laws
Chapter 390 - Universities and Colleges
Act 315 of 1977 - Indemnification Reserve Fund (390.1121 - 390.1131)
Section 390.1121 - Meanings of Words and Phrases.
Section 390.1122 - Definitions; a to E.
Section 390.1123 - Definitions; I to L.
Section 390.1124 - Definitions; P.
Section 390.1125 - Definitions; R to U.
Section 390.1126 - Assumption by State of Excess Loss of University or Its Agents; Conditions.
Section 390.1128 - Information to Be Filed With State Insurance Bureau.