reglab/housing_qa huggingface dataset:
MI Comp L § 500.3949 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-39 - Chapter 39 Long-Term Care Insurance (500.3901...500.3955)|Section 500.3949 - Life and Long-Term Care Benefits; Marketing; Compliance.

500.3949 Life and long-term care benefits; marketing; compliance. Sec. 3949.  (1) An insurer that has both life and disability authority in this state may market policies containing both life benefits and long-term care benefits.  (2) Except as otherwise provided in this act, if life insurance products contain long-term care benefits, the life insurance benefits in those products shall comply with the requirements of chapters 40 and 44 and the long-term care benefits shall comply with this chapter. History: Add. 1992, Act 84, Imd. Eff. June 2, 1992 Popular Name: Act 218
MI Comp L § 500.3951 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-39 - Chapter 39 Long-Term Care Insurance (500.3901...500.3955)|Section 500.3951 - Policy Summary; Compliance With MCL 500.3933; Additional Provisions; Monthly Report.

500.3951 Policy summary; compliance with MCL 500.3933; additional provisions; monthly report. Sec. 3951.  (1) A policy summary shall be delivered for a life insurance policy or certificate that provides long-term care benefits. The summary shall comply with the requirements in section 3933. For direct response solicitations, the insurer shall deliver the policy summary upon the applicant's request and shall make the delivery no later than at the time of policy delivery. In addition to the policy summary provisions in section 3933, the policy summary shall include all of the following:  (a) An explanation of how the long-term care benefit interacts with other components of the policy, including deductions from death benefits.  (b) An illustration of the amount of benefits, the length of benefit, and the guaranteed lifetime benefits, if any, for each covered person.  (c) Any exclusions, reductions, and limitations on benefits of long-term care.  (d) If applicable to the policy type, the summary shall also include all of the following:  (i) A disclosure of the effects of exercising other rights under the policy.   (ii) A disclosure of guarantees related to long-term care costs of insurance charges.  (iii) Current and projected maximum lifetime benefits.  (2) If a long-term care benefit, funded through a life insurance vehicle by the acceleration of the death benefit, is in benefit payment status, a monthly report shall be provided to the policyholder. The report shall include all of the following:  (a) Any long-term care benefits paid out during the month.  (b) An explanation of any changes in the policy, for example, death benefits or cash values due to long-term care benefits being paid out.  (c) The amount of long-term care benefits existing or remaining. History: Add. 1992, Act 84, Imd. Eff. June 2, 1992 Popular Name: Act 218
MI Comp L § 500.3953 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-39 - Chapter 39 Long-Term Care Insurance (500.3901...500.3955)|Section 500.3953 - Disclosure Statement.

500.3953 Disclosure statement. Sec. 3953.  A life insurance policy that provides an accelerated benefit for long-term care shall provide a disclosure statement at the time of application for the policy or rider and at the time the accelerated benefit payment request is submitted stating that receipt of accelerated benefits may be taxable and that assistance should be sought from a personal tax adviser. The disclosure statement shall be prominently displayed on the first page of the policy or rider and any other related documents. History: Add. 1992, Act 84, Imd. Eff. June 2, 1992 Popular Name: Act 218
MI Comp L § 500.3955 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-39 - Chapter 39 Long-Term Care Insurance (500.3901...500.3955)|Section 500.3955 - Compliance With Chapter and Applicable Laws.

500.3955 Compliance with chapter and applicable laws. Sec. 3955.  Each insurance policy that is advertised, marketed, or offered as long-term care insurance or nursing home insurance shall comply with this chapter and the other applicable provisions of this act. History: Add. 1992, Act 84, Imd. Eff. June 2, 1992 Popular Name: Act 218
MI Comp L § 500.3957 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-39A - Chapter 39a Long-Term Care Partnership Program Insurance (500.3957...500.3965)|Section 500.3957 - Definitions.

500.3957 Definitions.Sec. 3957.  As used in this chapter:  (a) "Applicant" means that term as defined in section 3901.  (b) "Long-term care partnership program policy" or "partnership policy" means a policy that meets all of the requirements for the long-term care partnership program under section 112c of the social welfare act, 1939 PA 280, MCL 400.112c, and all of the following requirements:  (i) The policy covers an insured who was a resident of this state when coverage first became effective under the policy.  (ii) The policy is either a qualified long-term care insurance contract as that term is defined in section 7702B(b) of the internal revenue code of 1986, 26 USC 7702B, that is issued no earlier than the effective date of the amendatory act that added this chapter or a policy that has been converted or replaced under section 3908.  (iii) The policy meets all of the applicable requirements of chapter 39.  (iv) The policy meets the requirements of the National Association of Insurance Commissioners' model act and model regulation listed in section 1917(b)(5)(A) of title XIX of the social security act, 42 USC 1396p, as required under section 1917(b)(1)(C)(iii)(III) of title XIX of the social security act, 42 USC 1396p.  (v) The policy provides the following inflation protection features:  (A) If the policy is sold to an individual who has not attained age 61 as of the date of purchase, the policy must provide compound annual inflation protection.  (B) If the policy is sold to an individual who has attained age 61 but has not attained age 76 as of the date of purchase, the policy must provide some level of inflation protection.  (C) If the policy is sold to an individual who has attained age 76 as of the date of purchase, the policy may provide some level of inflation protection.  (c) "Policy" means that term as defined in section 3901. History: Add. 2015, Act 198, Eff. Feb. 22, 2016 Popular Name: Act 218
MI Comp L § 500.3959 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-39A - Chapter 39a Long-Term Care Partnership Program Insurance (500.3957...500.3965)|Section 500.3959 - Long-Term Care Partnership Program Policy; Applicability of Chapter and Applicable Sections of Chapter 39.

500.3959 Long-term care partnership program policy; applicability of chapter and applicable sections of chapter 39.Sec. 3959.  Pursuant to section 6021 of the deficit reduction act of 2005, Public Law 109-171, and section 112c of the social welfare act, 1939 PA 280, MCL 400.112c, this chapter applies to a long-term care partnership program policy. The applicable sections of chapter 39 also apply to a long-term care partnership program policy. History: Add. 2015, Act 198, Eff. Feb. 22, 2016 Popular Name: Act 218
MI Comp L § 500.3961 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-39A - Chapter 39a Long-Term Care Partnership Program Insurance (500.3957...500.3965)|Section 500.3961 - Partnership Policy; Solicitation or Sale; Notice.

500.3961 Partnership policy; solicitation or sale; notice.Sec. 3961.  (1) If an insurer or its agent solicits or offers to sell a policy that is intended to qualify as a partnership policy, the insurer or its agent shall provide to a prospective applicant the notice described in section 112c of the social welfare act, 1939 PA 280, MCL 400.112c, or, if filed with and approved by the department, a notice similar to the notice described in section 112c of the social welfare act, 1939 PA 280, MCL 400.112c.  (2) An insurer or its agent shall provide the notice required under subsection (1) to a prospective applicant with the summary of coverage described in section 3933. History: Add. 2015, Act 198, Eff. Feb. 22, 2016 Popular Name: Act 218
MI Comp L § 500.3963 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-39A - Chapter 39a Long-Term Care Partnership Program Insurance (500.3957...500.3965)|Section 500.3963 - Partnership Policy; Delivery or Issuance for Delivery; Filing and Approval Required; Submission of Completed Partnership Certification Form or Similar Form to Department; "Partnership Certification Form" Defined.

500.3963 Partnership policy; delivery or issuance for delivery; filing and approval required; submission of completed partnership certification form or similar form to department; "partnership certification form" defined.Sec. 3963.  (1) A partnership policy shall not be delivered or issued for delivery in this state unless the partnership policy is filed with the department and approved by the director under section 2236(1).  (2) A policy submitted to the department for approval as a partnership policy under subsection (1) must be submitted with a completed partnership certification form or a similar form. The completed partnership certification form or similar form also must be approved by the director of the department.  (3) As used in this section, "partnership certification form" means a form developed by the department in consultation with the state department of health and human services. History: Add. 2015, Act 198, Eff. Feb. 22, 2016 Popular Name: Act 218
MI Comp L § 500.3965 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-39A - Chapter 39a Long-Term Care Partnership Program Insurance (500.3957...500.3965)|Section 500.3965 - Regular Reports to Be Provided to Department of Health and Human Services.

500.3965 Regular reports to be provided to department of health and human services.Sec. 3965.  An insurer that issues a partnership policy shall provide copies of the regular reports described in 45 CFR 144.200 to 144.214 to the state department of health and human services. History: Add. 2015, Act 198, Eff. Feb. 22, 2016 Popular Name: Act 218
MI Comp L § 500.4000 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|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.

500.4000 Scope of chapter. Sec. 4000.  (1) This chapter applies to life insurance policies, other than reinsurance, group life insurance, group annuities, and industrial life insurance. However, sections 4004 (policy must contain entire contract), 4040 (supplementary benefits), 4048 (provisions required by laws of other states, countries), 4052 (preliminary term insurance), 4054 (insurer may hold proceeds; exemption from creditors), 4060 (standard nonforfeiture law), 4062 (loan value; deferment), and 4064 (computation of loan indebtedness) apply to industrial life insurance policies.  (2) This chapter applies to annuity contracts only to the extent provided in sections 4070, 4072 and 4073.  (3) This chapter applies to life insurance contracts on a variable basis. However, the commissioner may by rule prescribe appropriate modifications to sections 4022, 4024, 4026, 4028, 4060, 4062, and 4064 applicable to life insurance contracts on a variable basis. The commissioner may by rule set reasonable standards for life insurance contracts on a variable basis which do all of the following:  (a) Require insurers to establish and file with the commissioner standards for marketing life insurance on a variable basis.  (b) Define terms to be used.  (c) Prescribe conditions under which life insurance on a variable basis may be issued, redeemed, or exchanged for a nonvariable contract. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1974, Act 225, Eff. Nov. 1, 1974 ;-- Am. 1980, Act 58, Eff. Oct. 1, 1980 Popular Name: Act 218Admin Rule: R 500.402 et seq. and R 500.841 et seq. of the Michigan Administrative Code.
MI Comp L § 500.4001 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4001 - Universal Life Insurance; Definitions.

500.4001 Universal life insurance; definitions.  Sec. 4001.  As used in this chapter, the following definitions apply only to universal life insurance:  (a) "Cash surrender value" means the net cash surrender value plus any amounts outstanding as policy loans.  (b) "Fixed premium universal life insurance policy" means a universal life insurance policy other than a flexible premium universal life insurance policy.  (c) "Flexible premium universal life insurance policy" means a universal life insurance policy that permits the policyowner to vary, independently of each other, the amount or timing of 1 or more premium payments or the amount of insurance.  (d) "Interest-indexed universal life insurance policy" means any universal life insurance policy where the interest credits are linked to an external referent.  (e) "Net cash surrender value" means the maximum amount payable to the policyowner upon surrender.  (f) "Policy value" means the amount to which separately identified interest credits and mortality, expense, or other charges are made under a universal life insurance policy.  (g) "Universal life insurance" means any individual or group life insurance policy under the policy provisions of which separately identified interest credits, other than in connection with dividend accumulations, premium deposit funds, or other supplementary accounts, and mortality and expense charges are made to the policy. A universal life insurance policy may provide for other credits and charges, such as charges for the cost of benefits provided by rider. History: Add. 1993, Act 349, Eff. Oct. 1, 1994 Popular Name: Act 218
MI Comp L § 500.4004 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4004 - Entire Contract.

500.4004 Entire contract. Sec. 4004.  Every policy of life insurance hereafter issued or delivered within this state by any life insurer doing business within this state shall contain the entire contract between the parties. And nothing shall be incorporated therein by reference to any constitution, bylaws, rules, application or other writing unless the same are endorsed upon or attached to the policy when issued. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4008 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4008 - Life Insurance; Provisions Required; Single Premium Policies.

500.4008 Life insurance; provisions required; single premium policies. Sec. 4008.  (1) No policy of life insurance shall be issued in this state unless it contains the provisions set forth in sections 4010 through 4036.  (2) Any of such provisions or portion thereof relating to premiums not applicable to single premium policies, shall to that extent not be incorporated therein.  History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4010 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4010 - Premiums; Payment; Provision Required.

500.4010 Premiums; payment; provision required.  Sec. 4010.  There shall be a provision that all premiums shall be payable in advance, either at the home office of the company or to an agent of the company, upon delivery of a receipt signed by 1 or more of the officers who shall be named in the policy. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4012 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4012 - Life Insurance Policy; Provision Required.

500.4012 Life insurance policy; provision required. Sec. 4012.  Each life insurance policy shall contain the following provisions:  (a) A grace period of 1 month for the payment of every premium after the first year, which may be subject to an interest charge, during which month the insurance shall continue in force and which provision may contain a stipulation that if the insured dies during the month of the grace period, the overdue premium will be deducted in any settlement under the policy.  (b) That written notice shall be sent by the insurer to the policyowner's last known address at least 30 days prior to termination of coverage. This subdivision does not apply to an insurer that collects a majority of its annual premium in person. History: 1956, Act 218, Eff. Jan. 1, 1955 ;-- Am. 1993, Act 349, Eff. Oct. 1, 1994 ;-- Am. 1994, Act 226, Eff. Oct. 1, 1994 Popular Name: Act 218
MI Comp L § 500.4014 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4014 - Entire Contract; Incontestability; Exceptions.

500.4014 Entire contract; incontestability; exceptions. Sec. 4014.  There shall be a provision that the policy, together with the application therefor, a copy of which application shall be endorsed upon or attached to the policy and made a part thereof, shall constitute the entire contract between the parties and shall be incontestable after it shall have been in force during the lifetime of the insured for 2 years from its date, except for non-payment of premiums and except for violations of the policy relating to naval and military services in time of war, and at the option of the company provisions relative to benefits in the event of total and permanent disability and provisions which grant additional insurance specifically against death by accident may also be excepted. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4015 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4015 - Policy of Life Insurance; Mandatory Notice as to Cancellation of Policy and Refund of Premium.

500.4015 Policy of life insurance; mandatory notice as to cancellation of policy and refund of premium. Sec. 4015.  A policy of life insurance, other than group insurance, shall not be delivered or issued for delivery in this state unless the policy contains on the front page a notice, in substance printed or stamped made as a permanent part of the policy, that during a period of not less than 10 days after the date the policyholder receives the policy, the policyholder may cancel the policy and receive from the insurer a prompt refund of any premium paid for the policy, including a policy fee or other charge, by mailing or otherwise surrendering the policy to the insurer together with a written request for cancellation. If a policyholder or purchaser pursuant to such notice, returns the policy or contract to the company or association at its home or branch office or to the agent through whom it was purchased, it shall be void from the beginning and the parties shall be in the same position as if no policy or contract had been issued. History: Add. 1978, Act 144, Eff. Aug. 10, 1978 Popular Name: Act 218
MI Comp L § 500.4016 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4016 - Statements Considered Representations; Provision Required; Electronic Application; Endorsement.

500.4016 Statements considered representations; provision required; electronic application; endorsement.Sec. 4016.  (1) Each life insurance policy shall contain a provision that all statements made by the insured, shall, in the absence of fraud, be considered representations and not warranties. The statement shall not avoid the policy unless the statement is contained in a written application and a copy of the application must be endorsed upon or attached to the policy when issued.  (2) An application obtained through electronic means is an application under subsection (1). The information contained in that application must be endorsed upon or attached to the policy. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 2014, Act 143, Eff. Mar. 31, 2015 Popular Name: Act 218
MI Comp L § 500.4018 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4018 - Misstatement of Age or Sex; Provisions Required.

500.4018 Misstatement of age or sex; provisions required. Sec. 4018.  Each life insurance policy shall contain a provision that if there is a misstatement as to the age or sex of the insured in the policy, the amount payable or the death benefit under the policy shall be that which would be purchased by the most recent mortality charge or premium at the correct age or sex. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1993, Act 349, Eff. Oct. 1, 1994 Popular Name: Act 218
MI Comp L § 500.4020 (2021)
2021 Michigan Compiled Laws|Chapter 500 - Insurance Code of 1956|Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)|218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)|Section 500.4020 - Participation in Surplus; Provision Required.

500.4020 Participation in surplus; provision required. Sec. 4020.  There shall be a provision that the policy shall participate in the surplus of the company, and that, beginning not later than the end of the fifth policy year, the company will determine and account for the portion of the divisible surplus accruing on the policy, and that the owner of the policy shall have the right to have the current dividend arising from such participation paid in cash, and that at periods of not more than 5 years such accounting and payment at the option of the policyholder shall be had. This provision shall not be required in non-participating policies. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218