Sec. 4228.
There shall be a provision that the policy may be reinstated at any time within 2 years from date of the premium in default, unless the cash value has been paid or the period of extended term insurance expired, upon evidence of insurability satisfactory to the company and payment of arrears of premiums with interest at a rate not exceeding 6% per annum payable annually.
History: 1956, Act 218, Eff. Jan. 1, 1957 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)
218-1956-42 - Chapter 42 Industrial Life Insurance (500.4200...500.4244)
Section 500.4200 - Scope of Chapter; Other Applicable Provisions.
Section 500.4201 - Industrial Life Insurance; Definitions.
Section 500.4204 - Required Policy Provisions; Exceptions.
Section 500.4206 - Grace Period; Provision Required.
Section 500.4208 - Incontestability; Provision Required, Exceptions.
Section 500.4210 - Policy Constitutes Entire Contract; Provision Required.
Section 500.4212 - Misstatement of Age; Provision Required.
Section 500.4214 - Participation in Surplus; Provision Required.
Section 500.4220 - Nonforfeiture and Cash Surrender Values.
Section 500.4222 - Table of Nonforfeiture Benefits.
Section 500.4224 - Nonforfeiture Benefit; Automatic Option; Provision Required.
Section 500.4228 - Reinstatement; Provision Required.
Section 500.4230 - Settlement of Claim Upon Death of Insured; Provision Required.
Section 500.4236 - Title Required.
Section 500.4238 - Beneficiary Changes.
Section 500.4242 - Limitation of Liability; Aviation, Military or Naval Service.