Michigan Compiled Laws
218-1956-40 - Chapter 40 Life Insurance Policies and Annuity Contract (Other Than Industrial or Group) (500.4000...500.4073)
Section 500.4030 - Settlement of Claim Upon Death of Insured; Provision Required.

Sec. 4030.
There shall be a provision that when a policy shall become a claim by the death of the insured, settlement shall be made upon receipt of due proof of death, or not later than 2 months after receipt of such proof.
History: 1956, Act 218, Eff. Jan. 1, 1957 Popular Name: Act 218

Structure Michigan Compiled Laws

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 500.4000 - 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 500.4015 - Policy of Life Insurance; Mandatory Notice as to Cancellation of Policy and Refund of Premium.

Section 500.4016 - Statements Considered Representations; Provision Required; Electronic Application; Endorsement.

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 500.4023 - Policy Loans; Interest Rates; Notice; Information; Policy Not to Terminate as Sole Result of Change in Interest Rate; Applicability of Section to Insurance or Annuity Contract.

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 500.4038 - “Policy Cost Factors” Defined; Initial Disclosure; Statement of Policy Information; Delivery; Extension of Free-Look Period; Furnishing Statement at Time of Policy Delivery.

Section 500.4040 - Safeguard Against Lapse; Special Surrender Value; Optional Provisions; Supplemental Contract.

Section 500.4042 - Liability Limitation; Aviation, Military or Naval Service.

Section 500.4046 - Provisions Prohibited; Forfeiture of Policy for Failure to Repay Loan; Limitation of Actions; Predating Policy; Settlement at Maturity for Less Than Full Value.

Section 500.4047 - Profit Sharing, Charter or Founders and Coupon Policies; Definitions; Prohibitions, Violations.

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 500.4061 - Flexible Premium Universal Life Insurance Policies; Provisions Applicable to Minimum Cash Surrender Values; Minimum Paid-Up Nonforfeiture Benefits.

Section 500.4062 - Loan Value; Deferment.

Section 500.4064 - Loan Indebtedness; Right to Compound Interest.

Section 500.4070 - Insurance and Annuities on Same Life; Automatic Conversion of Deferred Annuity Into Paid-Up Annuity.

Section 500.4072 - Standard Nonforfeiture Law for Individual Deferred Annuities.

Section 500.4072.amended - Standard Nonforfeiture Law for Individual Deferred Annuities.

Section 500.4073 - Annuity Policy or Contract; Notice of Right to Cancel and Receive Refund; Effect of Returning Policy or Contract; Variable Annuity Contract; Exceptions.