Section 390.1125 - Definitions; R to U. - Michigan Statutes

INDEMNIFICATION RESERVE FUND (EXCERPT)
Act 315 of 1977

390.1125 Definitions; R to U.

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 determine and measure to the extent possible through accepted and established actuarial procedures and techniques the financial condition of the indemnification reserve fund, the expected loss, and the required funding to which the university or its agents are subject because of professional liability, premises liability, or both.

(b) Implement a program for reducing or eliminating the incidents which give rise to potential professional liability, premises liability, or both.

(3) “Third party reimburser” means a person, firm, organization, corporation, or government agency, other than the university or its agent, which reimburses the university for reasonable costs related to the payment of losses arising out of professional liability, premises liability, or both.

(4) “University” means university of Michigan, Michigan state university, or Wayne state university.

History: 1977, Act 315, Imd. Eff. Jan. 9, 1978 ;-- Am. 1982, Act 24, Imd. Eff. Mar. 4, 1982