Minor's Capacity to Receive Insurance Benefits; Limitations - Mich. Comp. Laws Section 500.2206
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Michigan Laws > Insurance Code Of 1956 > Minor's Capacity to Receive Insurance Benefits; Limitations - Mich. Comp. Laws Section 500.2206
500.2206 Minor's capacity to receive insurance benefits; limitations.
Sec. 2206.
Any minor domiciled in this state who has attained the age of 18 years shall be deemed competent to receive, and to give a full acquittance and discharge for, a single payment in an amount not exceeding $2,000.00, or periodical payments in an amount not exceeding $2,000.00 in any one year, made by a life insurance company or fraternal benefit society as benefits payable upon the death of the insured or maturity of an endowment benefit in compliance with the provisions of a life insurance contract or settlement agreement, if the contract or agreement specifically provides for payments direct to the minor; but no minor shall be deemed competent to alienate the right to the payments or to anticipate the same.
History: Add. 1957, Act 91, Eff. Sept. 27, 1957
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Am. 1964, Act 118, Eff. Aug. 28, 1964
Popular Name: Act 218
Section: 500.2154.added 500.2156.added 500.2157.added 500.2159.added 500.2161.added 500.2204 500.2205 500.2206 500.2207 500.2209 500.2210 500.2211 500.2212 500.2212a 500.2212b
Last modified: March 17, 2013
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