Michigan § 500.4001 - Universal life insurance; definitions.
Full text of Michigan Michigan Compiled Laws § 500.4001 — Universal life insurance; definitions. , with citation guidance and answers to common questions.
§ 500.4001. Universal life insurance; definitions.
As used in this chapter, the following definitions apply only to universal life insurance:
"Cash surrender value" means the net cash surrender value plus any amounts outstanding as policy loans.
"Fixed premium universal life insurance policy" means a universal life insurance policy other than a flexible premium universal life insurance policy.
"Flexible premium universal life insurance policy" means a universal life insurance policy that permits the policyowner to vary, independently of each other, the amount or timing of 1 or more premium payments or the amount of insurance.
"Interest-indexed universal life insurance policy" means any universal life insurance policy where the interest credits are linked to an external referent.
"Net cash surrender value" means the maximum amount payable to the policyowner upon surrender.
"Policy value" means the amount to which separately identified interest credits and mortality, expense, or other charges are made under a universal life insurance policy.
"Universal life insurance" means any individual or group life insurance policy under the policy provisions of which separately identified interest credits, other than in connection with dividend accumulations, premium deposit funds, or other supplementary accounts, and mortality and expense charges are made to the policy. A universal life insurance policy may provide for other credits and charges, such as charges for the cost of benefits provided by rider.
Source: official Michigan text · Last verified 2026-08-27
Frequently Asked Questions About Michigan § 500.4001
What does Michigan Compiled Laws § 500.4001 cover?
Section 500.4001 ("Universal life insurance; definitions. ") is part of the Michigan Compiled Laws, the codified statutory law of Michigan. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Michigan § 500.4001?
A common citation format is "Michigan Compiled Laws § 500.4001" (Michigan). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Michigan law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Michigan official source linked on this page or consult a licensed Michigan attorney.
How does Michigan § 500.4001 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Michigan can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Michigan.