L&HMImedium
Under MCL 500.2207, at what point in time must insurable interest exist for a Michigan life insurance policy to be valid?
AAt the time of the insured's death
BContinuously from issue through claim
COnly at the time the first premium is paid after issue
At the time the policy is issued
Why this is the answer
Under MCL 500.2207, insurable interest must exist at the time a Michigan life policy is issued. Once the contract is validly formed, the later loss of insurable interest does not invalidate the policy or defeat the beneficiary's claim.
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