Michigan § 550.607 Term; refund on termination prior to expiration.

Michigan Statutes

§ 550.607 — Term; refund on termination prior to expiration.

Michigan § 550.607

Ch. 550GENERAL INSURANCE LAWS

Act 173 of 1958CREDIT INSURANCE ACT (550.601-550.624)

This text of Michigan § 550.607 (Term; refund on termination prior to expiration.) 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 § 550.607 (2026).

Text

CREDIT INSURANCE ACT (EXCERPT) Act 173 of 1958 550.607 Term; refund on termination prior to expiration. Sec.

7.The term of any credit life insurance or credit accident and health insurance shall commence, subject to acceptance by the insurer, on the date when the debtor becomes obligated to the creditor, except that, where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. The term of such insurance shall not extend more than 15 days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insuranc

Free access — add to your briefcase to read the full text and ask questions with AI

CREDIT INSURANCE ACT (EXCERPT) Act 173 of 1958 550.607 Term; refund on termination prior to expiration. Sec. 7. The term of any credit life insurance or credit accident and health insurance shall commence, subject to acceptance by the insurer, on the date when the debtor becomes obligated to the creditor, except that, where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. The term of such insurance shall not extend more than 15 days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in section 18.

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.