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2017 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.
Universal Citation: MI Comp L § 500.4028 (2017)
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
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