Michigan Compiled Laws, Chapter 390. Universities and Colleges § 390.1123

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 to those losses.

(3) “Incurred loss” means a loss which has been reported to the university and for which the university may have liability.

(4) “Incurred loss reserves” means the amount estimated to be required to pay incurred losses and related expenses.

(5) “Indemnification reserve fund” means cash or investments in a university fund or a trusteed account outside the university, a commercial liability insurance policy, or other evidence of financial obligation available to pay losses arising out of professional liability, premises liability, or both.

(6) “Loss” means the happening of an event from a peril included within those protected by the policy of indemnification of the university, including related expenses related to professional liability, premises liability, or both.