Michigan Laws 550.527 – Offer to purchase policy or certificate; notice to insurer
Current as of: 2023 | Check for updates
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Terms Used In Michigan Laws 550.527
- Life insurance: means that term as defined in section 602 of the insurance code of 1956, Act No. See Michigan Laws 550.521
- 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
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- 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
An offer to purchase a life insurance policy or certificate from the viator shall be transmitted to the insurer providing the life insurance policy, who may advise the viator of other alternatives which may be available under the policy. The notice required by this section shall be transmitted by the provider of the viatical settlement contract.