Michigan Compiled Laws § 500.4028 Default In Premium Payments; Reinstatement; Provision Required.

500.4028 Default in premium payments; reinstatement; provision required.

Sec. 4028.

There shall be a provision that if, in event of default in premium payments, the value of the policy shall be applied to the purchase of other insurance, and if such insurance shall be in force and the original policy shall not have been surrendered to the company and canceled, the policy may be reinstated within 3 years from such default, upon evidence of insurability satisfactory to the company and payment of arrears of premiums with interest.

History: 1956, Act 218, Eff. Jan. 1, 1957
Popular Name: Act 218

Section: Previous  500.4016  500.4018  500.4020  500.4022  500.4023  500.4024  500.4026  500.4028  500.4030  500.4032  500.4036  500.4037  500.4038  500.4040  500.4042  Next

Last modified: October 10, 2016