Sec. 4242.
Nothing contained in this chapter shall be construed as prohibiting a life insurance company from placing in its industrial life insurance policies provisions limiting its liability with respect to (1) death resulting from aviation other than as a fare-paying passenger on a regularly scheduled route between definitely established airports, (2) military or naval service: Provided, That if the liability of the company is limited as herein provided, the liability shall in no event be fixed at an amount less than the reserve on the policy (including the reserve for any dividend additions thereto and excluding the reserve for any additional benefits in the event of death by accident or accidental means or for benefits in the event of any type of disability), less any indebtedness on or secured by such policy.
Nothing contained herein shall apply to any provision in an industrial life insurance policy for additional benefits in the event of death by accident or accidental means.
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.