Michigan Laws 500.4454 – Readjustment of premium rate; optional provisions
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 500.4454
- Rate: means the cost of insurance per payroll before adjustment for an individual insured's size, exposure, or loss experience. See Michigan Laws 500.2402
Any group life insurance policy may provide for a readjustment of the rate based on experience at the end of the first year or any subsequent year of insurance, which readjustment may be made retroactive for such policy year only.