§ 27-30-6 - Provisions of policies and certificates of insurance – Delivery to debtors. [Effective until February 11, 2010.].
SECTION 27-30-6
§ 27-30-6 Provisions of policies andcertificates of insurance – Delivery to debtors. [Effective untilFebruary 11, 2010.]. – (a) All credit life insurance sold shall be evidenced by an individual policy,or in the case of group insurance by a certificate of insurance, whichindividual policy or group certificate of insurance shall be delivered to thedebtor.
(b) Each individual policy or group certificate of creditlife insurance, shall, in addition to other requirements of law, set forth thename and home office address of the insurer and the identity by name orotherwise of the person or persons included, the rate or amount of payment, ifany, by the debtor separately for credit life insurance, a description of theamount, term, and coverage including any exceptions, limitations, orrestrictions, and shall state that the benefits shall be paid to the creditorto reduce or extinguish the unpaid indebtedness and, wherever the amount ofinsurance may exceed the unpaid indebtedness, that any excess shall be payableto a beneficiary, other than the creditor, named by the debtor or to his or herestate.
(c) The individual policy or group certificate of insuranceshall be delivered to the insured debtor at the time the indebtedness isincurred or within thirty (30) days: (1) after the indebtedness is incurred; or(2) after the debtor's application for insurance has been accepted by theinsurer, whichever is later.