Michigan Laws 500.4424 – Group life insurance offered to groups other than described in MCL 500.4404 to 500.4420
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 500.4424
- Department: means the department of insurance and financial services. See Michigan Laws 500.102
- Director: means , unless the context clearly implies a different meaning, the director of the department. See Michigan Laws 500.102
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Insurer: means an individual, corporation, association, partnership, reciprocal exchange, inter-insurer, Lloyds organization, fraternal benefit society, or other legal entity, engaged or attempting to engage in the business of making insurance or surety contracts. See Michigan Laws 500.106
- 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
Group life insurance offered to a resident of this state under a group life insurance policy issued to a group other than a group described in section 4404 to 4420 is subject to all of the following:
(a) A group life insurance policy shall not be issued in this state unless the director of the department of insurance and financial services finds all of the following:
(i) The issuance of the group policy is not contrary to the best interest of the public.
(ii) The issuance of the group policy would result in economies of acquisition and administration.
(iii) The benefits of the group policy are reasonable in relation to the premiums charged.
(b) The premium for the policy is paid from the policy holder’s funds, the funds contributed by the covered persons, or both.
(c) An insurer may exclude or limit the coverage on an individual as to whom evidence of individual insurability is not satisfactory to the insurer.