Michigan Laws 550.606 – Periodic indemnity payable
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Terms Used In Michigan Laws 550.606
- 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
- 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
The amount of periodic indemnity payable by credit accident and health insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness and shall not exceed the original indebtedness divided by the number of periodic installments.