§ 550.521 Definitions
§ 550.522 Records; production; maintenance; availability for inspection; payment of expenses
§ 550.523 Disclosure of information
§ 550.524 Documents to be obtained by provider; right to avoid or rescind contract
§ 550.524a Agreement to commit suicide; payment prohibited
§ 550.525 Disposition of contract consideration
§ 550.526 Double or additional indemnity
§ 550.527 Offer to purchase policy or certificate; notice to insurer
§ 550.528 Order prohibiting provider from entering viatical settlement contract; additional orders
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Terms Used In Michigan Laws > Chapter 550 > Act 386 of 1996 - Viatical Settlement Contracts

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Bequest: Property gifted by will.
  • Commissioner: means the commissioner of insurance. See Michigan Laws 550.521
  • contract: means a written agreement entered into between a provider and a viator in which the provider will pay consideration that is less than the expected death benefit of the viator's policy in return for the viator's assignment, transfer, sale, devise, or bequest of the death benefit or ownership of the policy to the provider. See Michigan Laws 550.521
  • Devise: To gift property by will.
  • Life insurance: means that term as defined in section 602 of the insurance code of 1956, Act No. See Michigan Laws 550.521
  • person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
  • Physician: means a person licensed in this or another state to practice medicine or osteopathic medicine. See Michigan Laws 550.521
  • Policy: means an individual life insurance policy or a certificate under a group life insurance policy. See Michigan Laws 550.521
  • Provider: means a person who enters into a viatical settlement contract with a viator. See Michigan Laws 550.521
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
  • Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
  • Viator: means the owner or holder of a policy who has a terminal illness or condition and who enters into a viatical settlement contract. See Michigan Laws 550.521