436.505. Credit life insurance may be offered to purchaser.
Credit life insurance may be offered to purchaser.
436.505. A preneed contract may offer the purchaser the option toacquire and maintain credit life insurance on the life of the purchaser.Such insurance shall provide for the payment of death benefits to theseller in an amount equal to the total of all contract payments unpaid asof the date of such purchaser's death, and shall be used solely to makethose unpaid payments. Any such credit life insurance shall be provided bya duly authorized insurance company and the preneed contract shall clearlyidentify the name of the insurer and the amount of payment allocated to thepremium payment for the credit life. No seller or provider may provide anyform of self insured credit life.
(L. 2009 S.B. 1)