State RegulationsMI specificDifficulty 1/5
Under the Michigan Insurance Code, which documents together constitute the entire contract in an individual life insurance policy?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
M.C.L. 500.4014, the entire-contract and incontestability section of the Michigan Insurance Code, requires that the contract consist of the policy plus a copy of the written application attached to it. No oral statements or side agreements become part of the contract, so a Michigan policyowner cannot rely on verbal producer promises that do not appear in the policy or the attached application copy.
Why the other options are wrong
- B) Oral statements made to the producer never become part of the contract under M.C.L. 500.4014, regardless of what was said in the sales interview.
- C) The insurer's internal underwriting file is not part of the contract; only the policy and the attached application copy are.
- D) The application must be attached to the policy to be part of the entire contract; keeping it separately at the insurer does not satisfy M.C.L. 500.4014.
Memory hook
Entire contract = policy plus the attached application copy — nothing spoken counts.