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Michigan Legislature
Michigan Compiled Laws Complete Through PA 188 of 2022
House: Adjourned until Tuesday, September 27, 2022 1:30:00 PM
Senate: Adjourned until Tuesday, September 27, 2022 10:00:00 AM

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Act 218 of 1956
Chapter 40

Section 500.4000SectionScope of chapter.
Section 500.4001SectionUniversal life insurance; definitions.
Section 500.4004SectionEntire contract.
Section 500.4008SectionLife insurance; provisions required; single premium policies.
Section 500.4010SectionPremiums; payment; provision required.
Section 500.4012SectionLife insurance policy; provision required.
Section 500.4014SectionEntire contract; incontestability; exceptions.
Section 500.4015SectionPolicy of life insurance; mandatory notice as to cancellation of policy and refund of premium.
Section 500.4016SectionStatements considered representations; provision required; electronic application; endorsement.
Section 500.4018SectionMisstatement of age or sex; provisions required.
Section 500.4020SectionParticipation in surplus; provision required.
Section 500.4022SectionPolicy loans generally.
Section 500.4023SectionPolicy 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 500.4024SectionNonforfeiture benefits; cash surrender values; provision required.
Section 500.4026SectionTable of loan values and options; provision required.
Section 500.4028SectionDefault in premium payments; reinstatement; provision required.
Section 500.4030SectionSettlement of claim upon death of insured; provision required.
Section 500.4032SectionTable of installments; provision required.
Section 500.4036SectionTitle required.
Section 500.4037SectionUniversal life insurance policy; provisions required.
Section 500.4038Section“Policy cost factors” defined; initial disclosure; statement of policy information; delivery; extension of free-look period; furnishing statement at time of policy delivery.
Section 500.4040SectionSafeguard against lapse; special surrender value; optional provisions; supplemental contract.
Section 500.4042SectionLiability limitation; aviation, military or naval service.
Section 500.4046SectionProvisions prohibited; forfeiture of policy for failure to repay loan; limitation of actions; predating policy; settlement at maturity for less than full value.
Section 500.4047SectionProfit sharing, charter or founders and coupon policies; definitions; prohibitions, violations.
Section 500.4048SectionProvisions required by laws of other states or counties.
Section 500.4052SectionPreliminary term insurance on old policies; reserve.
Section 500.4054SectionProceeds of policy; exemption from creditors.
Section 500.4058SectionNonforfeiture benefits on old policies.
Section 500.4060SectionStandard nonforfeiture law for life insurance.
Section 500.4061SectionFlexible premium universal life insurance policies; provisions applicable to minimum cash surrender values; minimum paid-up nonforfeiture benefits.
Section 500.4062SectionLoan value; deferment.
Section 500.4064SectionLoan indebtedness; right to compound interest.
Section 500.4070SectionInsurance and annuities on same life; automatic conversion of deferred annuity into paid-up annuity.
Section 500.4072SectionStandard nonforfeiture law for individual deferred annuities.
Section 500.4072.amendedSectionStandard nonforfeiture law for individual deferred annuities.
Section 500.4073SectionAnnuity policy or contract; notice of right to cancel and receive refund; effect of returning policy or contract; variable annuity contract; exceptions.
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