L&HMImedium
Under Michigan law authorizing accelerated death benefits on life policies, what is the primary triggering condition required for payment?
AInsured's voluntary lapse of premium payments
A qualifying terminal illness, chronic illness, or specified medical condition
CInsured reaching age 65
DCancellation of the policy by the insurer for material misrepresentation on the application
Why this is the answer
MCL 500.603 authorizes accelerated death benefit riders that pay a portion of the policy face amount early upon a qualifying terminal illness, chronic illness, or specified medical condition, as defined in the policy and filed with DIFS.
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