Section 500.2206 - Minor's capacity to receive insurance benefits; limitations. - Michigan Statutes

THE INSURANCE CODE OF 1956 (EXCERPT)
Act 218 of 1956

500.2206 Minor's capacity to receive insurance benefits; limitations.

Sec. 2206.

Any minor domiciled in this state who has attained the age of 18 years shall be deemed competent to receive, and to give a full acquittance and discharge for, a single payment in an amount not exceeding $2,000.00, or periodical payments in an amount not exceeding $2,000.00 in any one year, made by a life insurance company or fraternal benefit society as benefits payable upon the death of the insured or maturity of an endowment benefit in compliance with the provisions of a life insurance contract or settlement agreement, if the contract or agreement specifically provides for payments direct to the minor; but no minor shall be deemed competent to alienate the right to the payments or to anticipate the same.

History: Add. 1957, Act 91, Eff. Sept. 27, 1957 ;-- Am. 1964, Act 118, Eff. Aug. 28, 1964
Popular Name: Act 218