Michigan Laws 550.526 – Double or additional indemnity
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 550.526
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Policy: means an individual life insurance policy or a certificate under a group life insurance policy. See Michigan Laws 550.521
- Provider: means a person who enters into a viatical settlement contract with a viator. See Michigan Laws 550.521
- Viator: means the owner or holder of a policy who has a terminal illness or condition and who enters into a viatical settlement contract. See Michigan Laws 550.521
If a policy provides for double or additional indemnity in case of accidental death and accidental death occurs, the provider shall be entitled only to the face amount of the policy. Any amounts payable under the policy that exceed the face amount shall be paid to the beneficiary designated by the viator or, if no beneficiary has been designated, to the viator’s estate.