Michigan Compiled Laws 218-1956-40 Chapter 40 Life Insurance Policies And Annuity Contract (Other Than Industrial Or Group) (500.4000...500.4073)

• Section 500.4000 Scope Of Chapter.
  (1) This chapter applies to life insurance policies, other than reinsurance, group life insurance, group annuities, and industrial life insurance. However, sections 4004 (policy...
• Section 500.4001 Universal Life Insurance; Definitions.
  As used in this chapter, the following definitions apply only to universal life insurance: (a) “Cash surrender value” means the net cash surrender value...
• Section 500.4004 Entire Contract.
  Every policy of life insurance hereafter issued or delivered within this state by any life insurer doing business within this state shall contain the...
• Section 500.4008 Life Insurance; Provisions Required; Single Premium Policies.
  (1) No policy of life insurance shall be issued in this state unless it contains the provisions set forth in sections 4010 through 4036....
• Section 500.4010 Premiums; Payment; Provision Required.
  There shall be a provision that all premiums shall be payable in advance, either at the home office of the company or to an...
• Section 500.4012 Life Insurance Policy; Provision Required.
  Each life insurance policy shall contain the following provisions: (a) A grace period of 1 month for the payment of every premium after the...
• Section 500.4014 Entire Contract; Incontestability; Exceptions.
  There shall be a provision that the policy, together with the application therefor, a copy of which application shall be endorsed upon or attached...
• Section 500.4015 Policy Of Life Insurance; Mandatory Notice As To Cancellation Of Policy And Refund Of Premium.
  A policy of life insurance, other than group insurance, shall not be delivered or issued for delivery in this state unless the policy contains...
• Section 500.4016 Statements Considered Representations; Provision Required; Electronic Application; Endorsement.
  (1) Each life insurance policy shall contain a provision that all statements made by the insured, shall, in the absence of fraud, be considered...
• Section 500.4018 Misstatement Of Age Or Sex; Provisions Required.
  Each life insurance policy shall contain a provision that if there is a misstatement as to the age or sex of the insured in...
• Section 500.4020 Participation In Surplus; Provision Required.
  There shall be a provision that the policy shall participate in the surplus of the company, and that, beginning not later than the end...
• Section 500.4022 Policy Loans Generally.
  There shall be a provision that after 3 full year premiums have been paid, the company at any time, while the policy is in...
• Section 500.4023 Policy 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.
  (1) As used in this section: (a) “Policyholder” includes the owner of the policy or the person designated to pay premiums as shown on...
• Section 500.4024 Nonforfeiture Benefits; Cash Surrender Values; Provision Required.
  Each life insurance policy shall contain a provision for nonforfeiture benefits and cash surrender values in accordance with the requirements of section 4058, 4060,...
• Section 500.4026 Table Of Loan Values And Options; Provision Required.
  Except for universal life insurance policies, each life insurance policy shall contain a table showing in figures the loan values and the options available...
• Section 500.4028 Default In Premium Payments; Reinstatement; Provision Required.
  There shall be a provision that if, in event of default in premium payments, the value of the policy shall be applied to the...
• Section 500.4030 Settlement Of Claim Upon Death Of Insured; Provision Required.
  There shall be a provision that when a policy shall become a claim by the death of the insured, settlement shall be made upon...
• Section 500.4032 Table Of Installments; Provision Required.
  There shall be a table showing the amounts of installments in which the policy may provide its proceeds may be payable. History: 1956, Act...
• Section 500.4036 Title Required.
  There shall be a title on the face and on the back of the policy correctly describing the same. History: 1956, Act 218, Eff....
• Section 500.4037 Universal Life Insurance Policy; Provisions Required.
  Each universal life insurance policy shall contain all of the following provisions: (a) That the insurer will send to the policyholder without charge at...
• Section 500.4038 “policy Cost Factors” Defined; Initial Disclosure; Statement Of Policy Information; Delivery; Extension Of Free-look Period; Furnishing Statement At Time Of Policy Delivery.
  (1) As used in this section, “policy cost factors” means those amounts that affect the price per thousand of life insurance coverage or other...
• Section 500.4040 Safeguard Against Lapse; Special Surrender Value; Optional Provisions; Supplemental Contract.
  (1) Any life insurer may include in its policy a provision intended to safeguard such life insurance against lapse, or provisions that shall provide...
• Section 500.4042 Liability Limitation; Aviation, Military Or Naval Service.
  Nothing contained in this chapter shall be construed as prohibiting a life insurer from placing in its policies provisions limiting its liability with respect...
• Section 500.4046 Provisions Prohibited; Forfeiture Of Policy For Failure To Repay Loan; Limitation Of Actions; Predating Policy; Settlement At Maturity For Less Than Full Value.
  No policy of life insurance other than industrial life insurance shall be issued or delivered in this state if it contain any of the...
• Section 500.4047 Profit Sharing, Charter Or Founders And Coupon Policies; Definitions; Prohibitions, Violations.
  (1) As used in this section, “profit sharing policy” means any life insurance policy which by its terms represents that the policyholder will receive...
• Section 500.4048 Provisions Required By Laws Of Other States Or Counties.
  The policies of a foreign or alien life insurer, may, if approved by the commissioner, contain any provision which the law of the state,...
• Section 500.4052 Preliminary Term Insurance On Old Policies; Reserve.
  Policies may be issued in this state providing for not more than 1 year preliminary term insurance by the incorporation therein of a clause...
• Section 500.4054 Proceeds Of Policy; Exemption From Creditors.
  (1) Any authorized life insurer shall have power to hold the proceeds of any life or endowment insurance or annuity contract issued by it...
• Section 500.4058 Nonforfeiture Benefits On Old Policies.
  This section shall apply only to policies of life insurance other than industrial life insurance issued prior to the operative date of section 4060...
• Section 500.4060 Standard Nonforfeiture Law For Life Insurance.
  (1) This section shall be known as the standard nonforfeiture law for life insurance and applies to life insurance contracts except as otherwise provided...
• Section 500.4061 Flexible Premium Universal Life Insurance Policies; Provisions Applicable To Minimum Cash Surrender Values; Minimum Paid-up Nonforfeiture Benefits.
  (1) All of the following apply to the minimum cash surrender values for flexible premium universal life insurance policies: (a) Minimum cash surrender values...
• Section 500.4062 Loan Value; Deferment.
  (1) In the case of policies issued prior to the operative date of section 4060 (the standard nonforfeiture law), the loan value referred to...
• Section 500.4064 Loan Indebtedness; Right To Compound Interest.
  In ascertaining the indebtedness due upon any loan upon any policy of insurance issued in this state, the interest, if not paid when due,...
• Section 500.4070 Insurance And Annuities On Same Life; Automatic Conversion Of Deferred Annuity Into Paid-up Annuity.
  (1) Contracts may be issued in this state providing for both insurance and annuities on the same life, and sections 4008 to 4036 (standard...
• Section 500.4072 Standard Nonforfeiture Law For Individual Deferred Annuities.
  (1) This section shall be known as the standard nonforfeiture law for individual deferred annuities. (2) This section does not apply to any reinsurance,...
• Section 500.4073 Annuity Policy Or Contract; Notice Of Right To Cancel And Receive Refund; Effect Of Returning Policy Or Contract; Variable Annuity Contract; Exceptions.
  (1) Subject to subsection (2), an annuity contract shall not be delivered or issued for delivery in this state unless the contract contains on...

Last modified: October 10, 2016