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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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218-1956-40
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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)

DocumentTypeDescription
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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