Michigan Compiled Laws § 500.4026 Table Of Loan Values And Options; Provision Required.

500.4026 Table of loan values and options; provision required.

Sec. 4026.

Except for universal life insurance policies, each life insurance policy shall contain a table showing in figures the loan values and the options available under the policies each year upon default in premium payments during at least the first 20 years of the policy. Universal life insurance policies shall clearly describe and illustrate calculations used to determine loan values and the options available under the policies upon default in premium payments.

History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1993, Act 349, Eff. Oct. 1, 1994
Popular Name: Act 218

Section: Previous  500.4015  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  Next

Last modified: October 10, 2016