Section 500.2212 - Insurable interest in life of individual.
THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956
500.2212 Insurable interest in life of individual.
Sec. 2212.
Notwithstanding any other section of this act, an organization described in and qualified under section 501(c)(3) of the internal revenue code of 1986, 26 U.S.C. 501, has an insurable interest in the life of an individual who gives written consent to the ownership or purchase of a policy on his or her life.
History: Add. 1996, Act 572, Imd. Eff. Jan. 16, 1997
Popular Name: Act 218