Sec. 4001.
As used in this chapter, the following definitions apply only to universal life insurance:
(a) "Cash surrender value" means the net cash surrender value plus any amounts outstanding as policy loans.
(b) "Fixed premium universal life insurance policy" means a universal life insurance policy other than a flexible premium universal life insurance policy.
(c) "Flexible premium universal life insurance policy" means a universal life insurance policy that permits the policyowner to vary, independently of each other, the amount or timing of 1 or more premium payments or the amount of insurance.
(d) "Interest-indexed universal life insurance policy" means any universal life insurance policy where the interest credits are linked to an external referent.
(e) "Net cash surrender value" means the maximum amount payable to the policyowner upon surrender.
(f) "Policy value" means the amount to which separately identified interest credits and mortality, expense, or other charges are made under a universal life insurance policy.
(g) "Universal life insurance" means any individual or group life insurance policy under the policy provisions of which separately identified interest credits, other than in connection with dividend accumulations, premium deposit funds, or other supplementary accounts, and mortality and expense charges are made to the policy. A universal life insurance policy may provide for other credits and charges, such as charges for the cost of benefits provided by rider.
History: Add. 1993, Act 349, Eff. Oct. 1, 1994 Popular Name: Act 218
Structure Michigan Compiled Laws
Chapter 500 - Insurance Code of 1956
Act 218 of 1956 - The Insurance Code of 1956 (500.100 - 500.8302)
Section 500.4000 - Scope of Chapter.
Section 500.4001 - Universal Life Insurance; Definitions.
Section 500.4004 - Entire Contract.
Section 500.4008 - Life Insurance; Provisions Required; Single Premium Policies.
Section 500.4010 - Premiums; Payment; Provision Required.
Section 500.4012 - Life Insurance Policy; Provision Required.
Section 500.4014 - Entire Contract; Incontestability; Exceptions.
Section 500.4018 - Misstatement of Age or Sex; Provisions Required.
Section 500.4020 - Participation in Surplus; Provision Required.
Section 500.4022 - Policy Loans Generally.
Section 500.4024 - Nonforfeiture Benefits; Cash Surrender Values; Provision Required.
Section 500.4026 - Table of Loan Values and Options; Provision Required.
Section 500.4028 - Default in Premium Payments; Reinstatement; Provision Required.
Section 500.4030 - Settlement of Claim Upon Death of Insured; Provision Required.
Section 500.4032 - Table of Installments; Provision Required.
Section 500.4036 - Title Required.
Section 500.4037 - Universal Life Insurance Policy; Provisions Required.
Section 500.4042 - Liability Limitation; Aviation, Military or Naval Service.
Section 500.4048 - Provisions Required by Laws of Other States or Counties.
Section 500.4052 - Preliminary Term Insurance on Old Policies; Reserve.
Section 500.4054 - Proceeds of Policy; Exemption From Creditors.
Section 500.4058 - Nonforfeiture Benefits on Old Policies.
Section 500.4060 - Standard Nonforfeiture Law for Life Insurance.
Section 500.4062 - Loan Value; Deferment.
Section 500.4064 - Loan Indebtedness; Right to Compound Interest.
Section 500.4072 - Standard Nonforfeiture Law for Individual Deferred Annuities.
Section 500.4072.amended - Standard Nonforfeiture Law for Individual Deferred Annuities.