Michigan Laws 550.621 – Procurement of insurance by debtor
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Terms Used In Michigan Laws 550.621
- Credit accident and health insurance: means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy. See Michigan Laws 550.603
- Credit life insurance: means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction. See Michigan Laws 550.603
- Creditor: means the lender of money or vendor or lessor of goods, services, property, rights or privileges, for which payment is arranged through a credit transaction or any successor to the right, title or interest of any such lender, vendor or lessor. See Michigan Laws 550.603
- Debtor: means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction. See Michigan Laws 550.603
- Indebtedness: means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction. See Michigan Laws 550.603
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
When credit life insurance or credit accident and health insurance is required as additional security for any indebtedness, the debtor, upon request to the creditor, shall have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state.