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2020 Michigan Compiled Laws
Chapter 550 - General Insurance Laws
Act 173 of 1958 Credit Insurance Act (550.601 - 550.624)
Section 550.606 Periodic Indemnity Payable.
Universal Citation: MI Comp L § 550.606 (2020)
550.606 Periodic indemnity payable.
Sec. 6.
The amount of periodic indemnity payable by credit accident and health insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness and shall not exceed the original indebtedness divided by the number of periodic installments.
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.
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