MCL - 218-1956-40

Act 218 of 1956
Chapter 40
Document Type Description
Section 500.4000 Section Scope of chapter.
Section 500.4001 Section Universal life insurance; definitions.
Section 500.4002 Section Life insurance policies; discrimination against living donors; prohibition; definitions.
Section 500.4004 Section Entire contract.
Section 500.4008 Section Life insurance; provisions required; single premium policies.
Section 500.4010 Section Premiums; payment; provision required.
Section 500.4012 Section Life insurance policy; provision required.
Section 500.4014 Section Entire contract; incontestability; exceptions.
Section 500.4015 Section Policy of life insurance; mandatory notice as to cancellation of policy and refund of premium.
Section 500.4016 Section Statements considered representations; provision required; electronic application; endorsement.
Section 500.4018 Section Misstatement of age or sex; provisions required.
Section 500.4020 Section Participation in surplus; provision required.
Section 500.4022 Section Policy loans generally.
Section 500.4023 Section Policy loans; interest rates; notice; information; policy not to terminate as sole result of change in interest rate; applicability of section to insurance or annuity contract.
Section 500.4024 Section Nonforfeiture benefits; cash surrender values; provision required.
Section 500.4026 Section Table of loan values and options; provision required.
Section 500.4028 Section Default in premium payments; reinstatement; provision required.
Section 500.4030 Section Settlement of claim upon death of insured; provision required.
Section 500.4032 Section Table of installments; provision required.
Section 500.4036 Section Title required.
Section 500.4037 Section Universal life insurance policy; provisions required.
Section 500.4038 Section “Policy cost factors” defined; initial disclosure; statement of policy information; delivery; extension of free-look period; furnishing statement at time of policy delivery.
Section 500.4040 Section Safeguard against lapse; special surrender value; optional provisions; supplemental contract.
Section 500.4042 Section Liability limitation; aviation, military or naval service.
Section 500.4046 Section Provisions prohibited; forfeiture of policy for failure to repay loan; limitation of actions; predating policy; settlement at maturity for less than full value.
Section 500.4047 Section Profit sharing, charter or founders and coupon policies; definitions; prohibitions, violations.
Section 500.4048 Section Provisions required by laws of other states or counties.
Section 500.4052 Section Preliminary term insurance on old policies; reserve.
Section 500.4054 Section Proceeds of policy; exemption from creditors.
Section 500.4058 Section Nonforfeiture benefits on old policies.
Section 500.4060 Section Standard nonforfeiture law for life insurance.
Section 500.4061 Section Flexible premium universal life insurance policies; provisions applicable to minimum cash surrender values; minimum paid-up nonforfeiture benefits.
Section 500.4062 Section Loan value; deferment.
Section 500.4064 Section Loan indebtedness; right to compound interest.
Section 500.4070 Section Insurance and annuities on same life; automatic conversion of deferred annuity into paid-up annuity.
Section 500.4072 Section Standard nonforfeiture law for individual deferred annuities.
Section 500.4073 Section Annuity policy or contract; notice of right to cancel and receive refund; effect of returning policy or contract; variable annuity contract; exceptions.