MCL - 218-1956-40

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Chapter 500
Act 218 of 1956
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THE INSURANCE CODE OF 1956 (EXCERPT)


Act 218 of 1956

Chapter 40

LIFE INSURANCE POLICIES AND ANNUITY CONTRACT (OTHER THAN INDUSTRIAL OR GROUP)

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.