Sec. 4015.
A policy of life insurance, other than group insurance, shall not be delivered or issued for delivery in this state unless the policy contains on the front page a notice, in substance printed or stamped made as a permanent part of the policy, that during a period of not less than 10 days after the date the policyholder receives the policy, the policyholder may cancel the policy and receive from the insurer a prompt refund of any premium paid for the policy, including a policy fee or other charge, by mailing or otherwise surrendering the policy to the insurer together with a written request for cancellation. If a policyholder or purchaser pursuant to such notice, returns the policy or contract to the company or association at its home or branch office or to the agent through whom it was purchased, it shall be void from the beginning and the parties shall be in the same position as if no policy or contract had been issued.
History: Add. 1978, Act 144, Eff. Aug. 10, 1978 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.