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Current as of January 01, 2025 | Updated by Findlaw Staff
Sec. 3. A provider shall disclose all of the following information to the viator no later than the date the contract is signed by the viator:
(a) Options other than the contract for a person with a terminal illness or condition, including accelerated benefits offered by the issuer of the policy.
(b) That some or all of the contract consideration may be taxable, and that assistance should be sought from a personal tax advisor.
(c) That the contract consideration could be subject to the claims of creditors.
(d) That receipt of the contract consideration may adversely affect the viator's eligibility for government benefits or entitlements.
(e) The viator's right to rescind the contract within 30 days after the date the contract is executed or within 15 days after the receipt of the contract consideration by the viator, whichever is less.
(f) The date by which the contract consideration will be available to the viator and the source of the consideration.
Cite this article: FindLaw.com - Michigan Compiled Laws, Chapter 550. General Insurance Laws § 550.523 - last updated January 01, 2025 | https://codes.findlaw.com/mi/chapter-550-general-insurance-laws/mi-comp-laws-550-523/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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