2006 Michigan Compiled Laws - Mich. Comp. Laws § 500.2206 Minor\'s capacity to receive insurance benefits; limitations.
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Act 218 of 1956 500.2206 Minor's capacity to receive insurance benefits; limitations. Sec. 2206. Any minor domiciled in this state who has attained the age of 18 years shall be deemed competent to receive, and to give a full acquittance and discharge for, a single payment in an amount not exceeding $2,000.00, or periodical payments in an amount not exceeding $2,000.00 in any one year, made by a life insurance company or fraternal benefit society as benefits payable upon the death of the insured or maturity of an endowment benefit in compliance with the provisions of a life insurance contract or settlement agreement, if the contract or agreement specifically provides for payments direct to the minor; but no minor shall be deemed competent to alienate the right to the payments or to anticipate the same.
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