Michigan Insurance Code of 1956, Chapter 77

What this document is

Michigan Insurance Code of 1956, Chapter 77 - Michigan Life and Health Insurance Guaranty Association Act (MCL 500.7701 to 500.7780) is a state statute published by www.legislature.mi.gov. It is one of the Michigan documents that insurance license exam questions are written from, including michigan life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• MCL ch. 500 § 7708(5) (Powers and Duties of Association as to Impaired or Insolvent Insurers)

  “(5) If a member insurer is an insolvent insurer, the association shall do either of the following: (a) Guarantee, assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies of the insolvent insurer or assure payment of the contractual obligations of the insolvent...”

• MCL ch. 500 § 7704(4) (Coverages; Liability of Association; Limitations)

  “(4) This chapter is intended to provide coverage to a person who is a resident of this state and, in special circumstances, to a nonresident. To avoid duplicate coverage, if a person who would otherwise receive coverage under this chapter is provided coverage under the laws of any other state, the...”

• MCL ch. 500 § 7705(k) (Definitions; Member Insurer)

  “(k) "Member insurer" means a person authorized to transact a kind of insurance or annuity business in this state for which coverage is provided under section 7704 and includes an insurer whose certificate of authority in this state may have been suspended, revoked, not renewed, or voluntarily...”

• MCL ch. 500 § 7704(5)(a) (Coverages; Exclusions from Coverage)

  “(5) This chapter does not provide coverage for the following: (a) A portion of a policy or contract not guaranteed by the insurer or under which the risk is borne by the policy or contract owner, including, but not limited to, the nonguaranteed portion of a variable or separate account product.”

• MCL ch. 500 § 7708(6)(d) (Substitute Coverage; Alternative or Reissued Policies)

  “(d) In providing the substitute coverage required under subdivision (c), all of the following apply: (i) The association may offer either to reissue the terminated coverage or to issue an alternative policy. (ii) Alternative or reissued policies shall be offered without requiring evidence of...”

• MCL ch. 500 § 7704(6)(b)(i) (Coverages; liability of association; limitations)

  “With respect to 1 life, regardless of the number of policies or contracts: (i) $300,000.00 in life insurance death benefits, but not more than $100,000.00 in net cash surrender and net cash withdrawal values for life insurance.”

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