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Michigan Legislature
Michigan Compiled Laws Complete Through PA 336 of 2018
House: Adjourned until Tuesday, September 25, 2018 1:30:00 PM
Senate: Adjourned until Tuesday, September 25, 2018 10:00:00 AM

Michigan Legislature

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Section 500.4012

Jump to the first occurrence of "grace"

Act 218 of 1956

500.4012 Life insurance policy; provision required.

Sec. 4012.

Each life insurance policy shall contain the following provisions:

(a) A grace period of 1 month for the payment of every premium after the first year, which may be subject to an interest charge, during which month the insurance shall continue in force and which provision may contain a stipulation that if the insured dies during the month of the grace period, the overdue premium will be deducted in any settlement under the policy.

(b) That written notice shall be sent by the insurer to the policyowner's last known address at least 30 days prior to termination of coverage. This subdivision does not apply to an insurer that collects a majority of its annual premium in person.

History: 1956, Act 218, Eff. Jan. 1, 1955 ;-- Am. 1993, Act 349, Eff. Oct. 1, 1994 ;-- Am. 1994, Act 226, Eff. Oct. 1, 1994
Popular Name: Act 218

© 2017 Legislative Council, State of Michigan

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