Michigan Compiled Laws 218-1956-42 Chapter 42 Industrial Life Insurance (500.4200...500.4244)

• Section 500.4200 Scope Of Chapter; Other Applicable Provisions.
  (1) This chapter shall apply only with respect to industrial life insurance policies. (2) The following sections of chapter 40 (life insurance policies and...
• Section 500.4201 Industrial Life Insurance; Definitions.
  “Industrial life insurance,” as used in this code, means that form of life insurance either (1) under which the premiums are payable weekly, or...
• Section 500.4204 Required Policy Provisions; Exceptions.
  (1) In the case of industrial policies issued on and after January 1, 1944, no policy of industrial life insurance shall be issued or...
• Section 500.4206 Grace Period; Provision Required.
  There shall be a provision that the insured is entitled to a grace period of 4 weeks within which the payment of any premium...
• Section 500.4208 Incontestability; Provision Required, Exceptions.
  There shall be a provision that the policy shall be incontestable after it has been in force during the lifetime of the insured for...
• Section 500.4210 Policy Constitutes Entire Contract; Provision Required.
  There shall be a provision that the policy shall constitute the entire contract between the parties, or, if a copy of the application is...
• Section 500.4212 Misstatement Of Age; Provision Required.
  There shall be a provision that if the age of the person insured has been misstated, any amount payable or benefit accruing under the...
• Section 500.4214 Participation In Surplus; Provision Required.
  There shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy. History: 1956, Act 218,...
• Section 500.4216 Conversion; Weekly Premium Policies; Provision Required; Monthly Premium Policies.
  (1) There shall be a provision in the case of weekly premium policies granting, upon proper written request and upon presentation of evidence of...
• Section 500.4220 Nonforfeiture And Cash Surrender Values.
  (1) In the case of policies issued prior to the operative date of section 4060 (the standard nonforfeiture law), there shall be a provision...
• Section 500.4222 Table Of Nonforfeiture Benefits.
  There shall be a table showing in figures the nonforfeiture benefits available under the policy every year upon default in payment of premiums during...
• Section 500.4224 Nonforfeiture Benefit; Automatic Option; Provision Required.
  There shall be a provision if more than 1 nonforfeiture benefit is provided, as to which of such benefits shall apply in the event...
• Section 500.4228 Reinstatement; Provision Required.
  There shall be a provision that the policy may be reinstated at any time within 2 years from date of the premium in default,...
• Section 500.4230 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 500.4236 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 500.4238 Beneficiary Changes.
  There shall be a space on the front or the back page of the policy for the name of the beneficiary designated by the...
• Section 500.4242 Limitation Of Liability; Aviation, Military Or Naval Service.
  Nothing contained in this chapter shall be construed as prohibiting a life insurance company from placing in its industrial life insurance policies provisions limiting...
• Section 500.4244 Industrial Life Insurance; Provisions Prohibited; Right To Declare Policy Void For Disease Or Ailment; Rejection; Payment Of Proceeds To Other Than Beneficiary; Limitation; Settlement At Maturity For Less Than Full Value; Accidental Death.
  (1) No policy of industrial life insurance issued on or after January 1, 1944, shall be issued or delivered in this state if it...

Last modified: October 10, 2016