Michigan Laws 500.4419 – Prepaid funeral contracts; group life insurance
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Group life insurance may be issued in connection with prepaid funeral contracts only if it meets all of the following:
(a) Is issued to an association covering the lives of its members or to a trustee of a group.
Terms Used In Michigan Laws 500.4419
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Trustee: A person or institution holding and administering property in trust.
(b) Is issued as an associated life insurance policy or annuity contract under section 2080.
(c) Conforms with section 2080.