Michigan Laws 550.608 – Evidence of insurance; policy or certificate delivery
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Terms Used In Michigan Laws 550.608
- 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
- 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
All credit life insurance and credit accident and health insurance sold shall be evidenced by an individual policy, or in the case of group insurance by a certificate of insurance, which individual policy or group certificate of insurance shall be delivered to the debtor.