Sec. 6.
If a policy provides for double or additional indemnity in case of accidental death and accidental death occurs, the provider shall be entitled only to the face amount of the policy. Any amounts payable under the policy that exceed the face amount shall be paid to the beneficiary designated by the viator or, if no beneficiary has been designated, to the viator's estate.
History: 1996, Act 386, Eff. Mar. 31, 1997 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.
Structure Michigan Compiled Laws
Chapter 550 - General Insurance Laws
Act 386 of 1996 - Viatical Settlement Contracts (550.521 - 550.528)
Section 550.521 - Definitions.
Section 550.523 - Disclosure of Information.
Section 550.524 - Documents to Be Obtained by Provider; Right to Avoid or Rescind Contract.
Section 550.524a - Agreement to Commit Suicide; Payment Prohibited.
Section 550.525 - Disposition of Contract Consideration.
Section 550.526 - Double or Additional Indemnity.
Section 550.527 - Offer to Purchase Policy or Certificate; Notice to Insurer.