reglab/housing_qa huggingface dataset:
MI Comp L § 500.4022 (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 500.4022 - Policy Loans Generally.

500.4022 Policy loans generally. Sec. 4022.  There shall be a provision that after 3 full year premiums have been paid, the company at any time, while the policy is in force, shall advance, on proper assignment of the policy and on the sole security thereof, subject to the approval of the insurance commissioner as herein provided, at a rate of interest not exceeding the rate specified in section 4023, a sum equal to, or at the option of the owner of the policy, less than the amount required by section 4062 under the conditions specified thereby; and that the company will deduct from the loan value any indebtedness not already deducted in determining the loan value and any unpaid balance of the premium for the current policy year, and may collect interest in advance on the loan to the end of the current policy year. It shall be further stipulated in the policy that failure to pay any advance or to pay interest shall not void the policy unless the total indebtedness thereon to the company equals or exceeds the loan value at the time of the failure and until 1 month after notice is mailed by the company to the last known address of the insured and of the assignee if any. A condition other than as provided in this section shall not be exacted as a prerequisite to any advance. This provision shall not be required in term insurances. The interest limit provided for in section 4023 shall also apply to loans on annuity contracts. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1976, Act 405, Imd. Eff. Jan. 5, 1977 ;-- Am. 1982, Act 427, Imd. Eff. Dec. 29, 1982 Compiler's Notes: Section 2 of Act 405 of 1976 provides: “The amendments made by this act shall not impair the terms and conditions of any policy of life insurance in force before the effective date of this act.”Popular Name: Act 218
MI Comp L § 500.4024 (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 500.4024 - Nonforfeiture Benefits; Cash Surrender Values; Provision Required.

500.4024 Nonforfeiture benefits; cash surrender values; provision required. Sec. 4024.  Each life insurance policy shall contain a provision for nonforfeiture benefits and cash surrender values in accordance with the requirements of section 4058, 4060, or 4061. History: 1956, Act 218, Eff. Jan. 1, 1957 ;-- Am. 1993, Act 349, Eff. Oct. 1, 1994 Popular Name: Act 218
MI Comp L § 500.4026 (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 500.4026 - 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
MI Comp L § 500.4028 (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 500.4028 - Default in Premium Payments; Reinstatement; Provision Required.

500.4028 Default in premium payments; reinstatement; provision required. Sec. 4028.  There shall be a provision that if, in event of default in premium payments, the value of the policy shall be applied to the purchase of other insurance, and if such insurance shall be in force and the original policy shall not have been surrendered to the company and canceled, the policy may be reinstated within 3 years from such default, upon evidence of insurability satisfactory to the company and payment of arrears of premiums with interest. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4030 (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 500.4030 - Settlement of Claim Upon Death of Insured; Provision Required.

500.4030 Settlement of claim upon death of insured; provision required. Sec. 4030.  There shall be a provision that when a policy shall become a claim by the death of the insured, settlement shall be made upon receipt of due proof of death, or not later than 2 months after receipt of such proof. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4032 (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 500.4032 - Table of Installments; Provision Required.

500.4032 Table of installments; provision required. Sec. 4032.  There shall be a table showing the amounts of installments in which the policy may provide its proceeds may be payable. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4036 (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 500.4036 - Title Required.

500.4036 Title required. Sec. 4036.  There shall be a title on the face and on the back of the policy correctly describing the same.  History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4040 (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 500.4040 - Safeguard Against Lapse; Special Surrender Value; Optional Provisions; Supplemental Contract.

500.4040 Safeguard against lapse; special surrender value; optional provisions; supplemental contract. Sec. 4040.  (1) Any life insurer may include in its policy a provision intended to safeguard such life insurance against lapse, or provisions that shall provide a special surrender value therefor in the event that the insured thereunder shall, by reason of accidental bodily injury or disease, be unable to continue the premium payments thereon.  (2) A life insurance policy may also contain, or provide through contracts supplemental thereto, such provisions relating to accident and sickness insurance as are authorized under section 602(2) (accidental death, dismemberment, or loss of sight; certain benefits in event of total and permanent disability). No such supplemental contract shall be issued or delivered to any person in this state unless and until a copy of the form thereof has been submitted to and approved by the commissioner, under such reasonable rules and regulations as he shall make concerning the provisions in such contracts and their submission to and approval by him. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4042 (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 500.4042 - Liability Limitation; Aviation, Military or Naval Service.

500.4042 Liability limitation; aviation, military or naval service. Sec. 4042.  Nothing contained in this chapter shall be construed as prohibiting a life insurer from placing in its policies provisions limiting its liability with respect to:  (1) Death resulting from aviation other than as a fare-paying passenger on a regularly scheduled route between definitely established airports;  (2) Military or naval service;  Provided, That if the liability of the insurer is limited as herein provided, the liability shall in no event be fixed at an amount less than the reserve on the policy (including the reserve for any dividend additions thereto and excluding the reserve for any additional benefits in the event of death by accident or accidental means or for benefits in event of any type of disability), less any indebtedness on or secured by such policy.  History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4046 (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 500.4046 - Provisions Prohibited; Forfeiture of Policy for Failure to Repay Loan; Limitation of Actions; Predating Policy; Settlement at Maturity for Less Than Full Value.

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. Sec. 4046.  No policy of life insurance other than industrial life insurance shall be issued or delivered in this state if it contain any of the following provisions:   (1) A provision for the forfeiture of the policy for failure to repay any loan on the policy or to pay interest on such loan while the total indebtedness on the policy is less than the loan value thereof; or any provision for forfeiture for failure to repay any such loan or to pay interest thereon, unless such provision contains a stipulation that no such forfeiture shall occur until at least 1 month after notice shall have been mailed by the insurer to the last known address of the insured and of the assignee, if any; or a provision contemplating any proposed benefit not essentially a part of the insurance contract or any connection of the insured with the insurer other than that of policyholder;  (2) A provision limiting the time within which any action at law or in equity may be commenced to less than 6 years after the cause of action shall accrue;   (3) A provision by which the policy shall purport to be issued or to take effect as of a date more than 6 months before the application therefor was made, if thereby the premium on such policy or contract is reduced below the premium which would be payable thereon as determined by the nearest birthday of the insured at the time when such application was made. Nothing contained in this subdivision shall invalidate any contract made in violation of this subdivision. This subdivision shall not be construed to prohibit the exchange, alteration or conversion of policies of life insurance or annuity contracts as of the original date of such policies or contracts if the amount of insurance provided under the new policy does not exceed the amount of insurance under the original policy or the amount of insurance which the premium paid for the original policy or contract would have purchased if the new policy had been originally applied for, whichever is greater; nor to prohibit the exercise of any conversion privilege contained in any policy or contract;   (4) A provision for any mode of settlement at maturity of less value than the amount insured by the policy plus dividend additions, if any, less any indebtedness to the insurer on the policy and less any premium that may by the terms of the policy be deducted, payments to be made in accordance with the terms of the policy. This prohibition shall not apply to substandard policies. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4047 (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 500.4047 - Profit Sharing, Charter or Founders and Coupon Policies; Definitions; Prohibitions, Violations.

500.4047 Profit sharing, charter or founders and coupon policies; definitions; prohibitions, violations. Sec. 4047.  (1) As used in this section, "profit sharing policy" means any life insurance policy which by its terms represents that the policyholder will receive preferential treatment in the distribution of earnings or surplus of the insurance company with special advantages not available to persons holding other types of policies.  (2) "Charter policy" or "founders policy" means any life insurance policy which by its terms expressly provides that the policyholder will receive some preferential or discriminatory advantage or benefit not available to persons who purchase insurance from the company at future dates or under other circumstances.  (3) "Coupon policy" means any life insurance policy which includes a series of coupons payable at a specified future date if the insured person is living.  (4) A "series of pure endowments" means any provision in a life insurance policy providing for a series of predetermined benefits maturing at specified dates if the insured is then living, any one of which series of benefits is less than the gross annual policy premium.  (5) No profit sharing, charter, founders or coupon policy or policy containing a series of pure endowments shall be issued or delivered in this state after the effective date of this section. Policies in force prior to the effective date shall not be affected.  (6) No sales material or oral presentations may be used if they represent a life insurance policy to be a profit sharing, charter, founders or coupon policy or a policy containing a series of pure endowments. Any violation hereof shall also constitute a violation of section 2064. History: Add. 1969, Act 246, Eff. Jan. 1, 1971 Popular Name: Act 218
MI Comp L § 500.4048 (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 500.4048 - Provisions Required by Laws of Other States or Counties.

500.4048 Provisions required by laws of other states or counties. Sec. 4048.  The policies of a foreign or alien life insurer, may, if approved by the commissioner, contain any provision which the law of the state, territory, district or country under which the insurer is organized, prescribed shall be in such policies, when issued in this state, and the policies of a domestic life insurer, may when issued or delivered in any other state, territory, district or country, contain any provision required by the laws of the state, territory, district or country in which the same are issued, anything in this code to the contrary notwithstanding. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4052 (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 500.4052 - Preliminary Term Insurance on Old Policies; Reserve.

500.4052 Preliminary term insurance on old policies; reserve. Sec. 4052.  Policies may be issued in this state providing for not more than 1 year preliminary term insurance by the incorporation therein of a clause on the face of the policy distinctly specifying that the first year's insurance is term insurance. If the premium charged for term insurance under a limited payment life preliminary term policy providing for the payment of all premiums thereon in less than 20 years from the date of the policy, or under an endowment preliminary term policy, exceeds that charged for life insurance under 20 pay life preliminary term policies of the same insurer at the same age, the reserve thereon at the end of any year, including the first, shall not be less than the reserve on a 20 pay life preliminary term policy issued in the same year and at the same age, together with an amount which shall be equivalent to the accumulation of a net level premium sufficient to provide for a pure endowment at the end of the premium payment period equal to the difference between the value at the end of such period for such 20 pay life preliminary term policy and the full reserve at such time of such a limited payment life or endowment policy: Provided, That this section shall apply to all policies issued subsequent to January 1, 1930, and prior to the operative date of section 4060 (standard nonforfeiture law). History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4054 (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 500.4054 - Proceeds of Policy; Exemption From Creditors.

500.4054 Proceeds of policy; exemption from creditors. Sec. 4054.  (1) Any authorized life insurer shall have power to hold the proceeds of any life or endowment insurance or annuity contract issued by it (a) upon such terms and restrictions as to revocation by the insured and control by beneficiaries; (b) with such exemptions from legal process and the claims of creditors of beneficiaries other than the insured; and (c) upon such other terms and conditions, irrespective of the time and manner of payment of said proceeds, as shall have been agreed to in writing by such insurer and the insured or beneficiary.  (2) Such insurer shall not be required to segregate funds so held but may hold them as a part of its general corporate assets.  (3) Any life or endowment insurance or annuity contract issued by a domestic, foreign or alien insurer may provide that the proceeds thereof or payments thereunder shall not be subject to the claims of creditors of any beneficiary other than the insured or any legal process against any beneficiary other than the insured; and if the said contract so provides, the benefits accruing thereunder to such beneficiary other than the insured shall not be transferable nor subject to commutation or encumbrance, or to process. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4058 (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 500.4058 - Nonforfeiture Benefits on Old Policies.

500.4058 Nonforfeiture benefits on old policies. Sec. 4058.  This section shall apply only to policies of life insurance other than industrial life insurance issued prior to the operative date of section 4060 (the standard nonforfeiture law).  The nonforfeiture benefit referred to in section 4024 shall be available to the owner of the policy in event of default in premium payments, after premiums shall have been paid for 3 years and shall be a stipulated form of insurance, the net value of which shall be at least equal to the reserve at the date of default on the policy and on any dividend additions thereto, specifying the mortality table and rate of interest adopted for computing such reserves, less a sum not more than 2 1/2% of the amount insured by the policy and of any existing dividend additions thereto, and less any existing indebtedness to the insurer on the policy. Such provision shall stipulate that the policy may be surrendered to the insurer at its home office within 1 month from date of default for a specified cash value at least equal to the sum which would otherwise be available for the purchase of insurance as aforesaid and may stipulate that the insurer may defer payment for not more than 6 months after the application therefor is made. This section shall not be applicable to term insurances of 20 years or less. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4062 (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 500.4062 - Loan Value; Deferment.

500.4062 Loan value; deferment. Sec. 4062.  (1) In the case of policies issued prior to the operative date of section 4060 (the standard nonforfeiture law), the loan value referred to in section 4022 shall be the reserve at the end of the current policy year on the policy and on any dividend additions thereto, specifying the mortality table and rate of interest adopted for computing such reserve less a sum not more than 2 1/2% of the amount insured by the policy and of any dividend additions thereto. Such policies may further provide that such loan may be deferred for not exceeding 6 months after the application therefor is made.  (2) In the case of policies issued on and after the operative date of section 4060 (the standard nonforfeiture law), the loan value referred to in section 4022 shall be the cash surrender value at the end of the current policy year as required by section 4060. The insurer shall reserve the right to defer such loan, except when made to pay premiums, for 6 months after application therefor is made. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218
MI Comp L § 500.4064 (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 500.4064 - Loan Indebtedness; Right to Compound Interest.

500.4064 Loan indebtedness; right to compound interest. Sec. 4064.  In ascertaining the indebtedness due upon any loan upon any policy of insurance issued in this state, the interest, if not paid when due, shall be added to the principal of such loan, and shall bear interest at the rate specified in the note or loan agreement. History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218