Home/Michigan/Statutes/Ch. 550: GENERAL INSURANCE LAWS/Act 173 of 1958: CREDIT INSURANCE ACT (550.601-550.624)/§ 550.605
Michigan Statutes

§ 550.605 — Credit life insurance; amount.

Michigan § 550.605
JurisdictionMichigan
Ch. 550GENERAL INSURANCE LAWS
Act 173 of 1958CREDIT INSURANCE ACT (550.601-550.624)

This text of Michigan § 550.605 (Credit life insurance; amount.) is published on Counsel Stack Legal Research, covering Michigan primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Mich. Comp. Laws § 550.605 (2026).

Text

CREDIT INSURANCE ACT (EXCERPT) Act 173 of 1958 550.605 Credit life insurance; amount. Sec.

5.The amount of credit life insurance shall not exceed the indebtedness. Where indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance the amount of insurance shall not exceed the approximate unpaid indebtedness on the date of death and, where secured by a group policy of credit life insurance shall not exceed the exact amount of unpaid indebtedness on such date.

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Legislative History

1958, Act 173, Eff. Sept. 13, 1958 Compiler's Notes: For transfer of authority, powers, duties, functions, and responsibilities of the insurance bureau and the commissioner of insurance to the commissioner of the office of financial and insurance services and the office of financial and insurance services, see E.R.O. No. 2000-2, compiled at MCL 445.2003 of the Michigan compiled laws.

Nearby Sections

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Declaration of emergency.
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Short title.
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Definitions.
§ 550.1003
Persons authorized to sell health benefits; packaging health benefits with insurance; notify agent of record; annual appointment fee; "agent of record" defined.
§ 550.1004
Influencing agent prohibited.
§ 550.1004a
Applicability of certain statutory provisions.
§ 550.1005
Compensation of health benefit agents.
§ 550.1006
Authorized agents; requirements, duties, and restrictions; powers of commissioner.
§ 550.1008
Contracts or other arrangements for packaging of health benefits with insurance; policy supplementing health benefits of health maintenance organization.
§ 550.1009
Licensing affiliate of health benefit corporation as insurance agent prohibited.
§ 550.1010
Health benefit agent as fiduciary; evidence of violation of fiduciary responsibility; use of reasonable accounting methods; records required; examination of records; prohibited conduct.
§ 550.1012
Notice of termination of agent's authority; liability; duration of agent's responsibility; cancellation or refusal to renew certificate of subscriber; certain referrals or communications prohibited; records, names of subscribers, and expiration dates of certificates and contracts as property of agent; copies of written communications between health benefit corporations and subscribers; grounds for cancellation of agent's contract or termination of agent's authority; authorizing licensed accident and health insurance agent to sell health benefits.
§ 550.1014
Suspension, revocation, refusal to grant, or refusal to renew accident and health insurance license; grounds; notice; hearing; summary suspension; subpoenas.
§ 550.1016
Violation of act; orders; penalties for violation of cease and desist order; injunction.
§ 550.1018
Construction of act.
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Bluebook (online)
Michigan § 550.605, Counsel Stack Legal Research, https://law.counselstack.com/statute/mi/550/550.605.