LegalFix
Sign In

Section 550.604 Credit Life Insurance, Credit Accident and Health Insurance; Forms.

MI Comp L § 550.604 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

Sec. 4.

Credit life insurance and credit accident and health insurance shall be issued only in the following forms:

(a) Individual policies of life insurance issued to debtors on the term plan;

(b) Individual policies of accident and health insurance issued to debtors on a term plan or disability provisions in individual policies of credit life insurance;

(c) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;

(d) Group policies of accident and health insurance issued to creditors on a term plan insuring debtors or disability provisions in group life policies to provide such coverage.

History: 1958, Act 173, Eff. Sept. 13, 1958 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.

Previous Section
Section 550.603 Credit Insurance Act; Definitions.
Next Section
Section 550.605 Credit Life Insurance; Amount.