Michigan Compiled Laws 218-1956-6 Chapter 6 Kinds Of Insurance; Reinsurance; Limit Of Risk (500.600...500.644)

• Section 500.600 Insurance; Definitions Applicable.
  The applicable definitions of the kinds of insurance set forth in this chapter shall apply to all insurers. History: 1956, Act 218, Eff. Jan....
• Section 500.602 “life” Insurance, “transaction Of Life Insurance,” And “life Insurance Companies” Defined.
  (1) “Life” insurance is insurance upon the lives and health of persons and every insurance pertaining thereto, and to grant, purchase, or dispose of...
• Section 500.603 Definitions; Accelerated Benefits; Acknowledgment; Disclosures; Waiver Of Premium; Qualifying Event; Powers Of Insurer; Pro Rata Reduction In Cash Value; Actuarial Memorandum; Policy Reserves.
  (1) As used in this section: (a) "Accelerated benefits" means benefits payable under a life insurance contract to a policyowner or certificateholder, during the...
• Section 500.606 Disability Insurance; Definition.
  “Disability” insurance is insurance of any person against bodily injury or death by accident, or against disability on account of sickness or accident including...
• Section 500.610 Property Insurance; Definition.
  “Property” insurance is insurance on dwelling houses, stores, and all kinds of buildings, and upon household furniture, goods, wares and merchandise, and any other...
• Section 500.614 Marine Insurance; Definition.
  “Marine” insurance is insurance against any and all kinds of loss of or damage to: (1) Vessels, craft, aircraft, cars, automobiles and vehicles of...
• Section 500.616 Inland Navigation And Transportation Insurance; Definition.
  “Inland navigation and transportation” insurance is insurance upon vessels, freights, goods, wares, merchandise and other property, against the risks of inland navigation and transportation....
• Section 500.618 “legal Expense Insurance” Defined.
  “Legal expense insurance” is insurance which involves the assumption of a contractual obligation to reimburse the beneficiary against or pay on behalf of the...
• Section 500.620 Automobile Insurance (Limited); Definition.
  “Automobile insurance (limited)” is insurance upon automobiles, whether stationary or being operated under their own power, which shall include all or any of the...
• Section 500.624 “casualty” Defined; Combination With Property Insurance.
  (1) “Casualty” insurance includes insurances as follows: (a) Steam boiler and flywheel. Insurance against loss or damage to property of the insured, and loss...
• Section 500.625 Automobile Passenger And Liability Coverage; Expense Or Disability Coverage Included.
  Any insurer authorized to write automobile bodily injury liability insurance policies may, by an endorsement attached to or as a part of such a...
• Section 500.628 Surety And Fidelity Insurance; Definition.
  “Surety and fidelity” insurance is to guarantee the fidelity of persons in positions of trust, private or public, and to act as surety on...
• Section 500.632 Insurers; Reinsurance; Authorization.
  (1) Every insurer shall be entitled to reinsure any risk authorized to be undertaken by it, and to grant reinsurance upon any similar risk...
• Section 500.636 Repealed. 1994, Act 226, Imd. Eff. June 27, 1994.
  Compiler's Notes: The repealed section pertained to reinsurance by domestic stock or mutual insurers.Popular Name: Act 218
• Section 500.640 Insurers; Limitation Of Risk; Exceptions; "Title Insurance" And "Title Insurer" Defined.
  (1) Except as otherwise provided in subsections (2) to (5), an insurer transacting business in this state shall not expose itself to any loss...
• Section 500.644 Life, Disability, And Loss Of Position Insurers; Limit Of Risk.
  For provisions as to limit of risk applicable to life, disability, and loss of position insurers operating on the cooperative or assessment plan see...

Last modified: October 10, 2016