Sec. 5. The amount of credit life insurance shall not exceed the indebtedness. Where indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance the amount of insurance shall not exceed the approximate unpaid indebtedness on the date of death and, where secured by a group policy of credit life insurance shall not exceed the exact amount of unpaid indebtedness on such date.
Mich. Comp. Laws § 550.605
Credit life insurance; amount
Applied in 1 court decision — leading case 687 So. 2d 156 - McCullar v. UNIV. UNDERWRITERS LIFE INS. (1996)
Most recently applied in 687 So. 2d 156 - McCullar v. UNIV. UNDERWRITERS LIFE INS. (November 1996)
1958, Act 173, Eff
Official source: Michigan Legislature. Reproduced from public-domain Michigan statutes; confirm against the official source for the current text. Not legal advice.