Section 59A-25-6 – Term of insurance.
The term of any credit life or credit health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor, or the date when the debtor applies for such insurance, whichever is later, except that where a group policy provides coverage with respect to existing obligations, […]
Section 59A-25-1 – Scope and short title.
A. All life insurance and all health insurance in connection with loans or other credit transactions shall be subject to the provisions of this article, except such insurance in connection with a loan or other credit transaction of more than ten (10) years’ duration; nor shall insurance be subject to this article where issuance of […]
Section 59A-25-2 – Purpose.
The purpose of this article is to promote the public welfare by regulating credit life insurance and credit health insurance. Nothing in this article is intended to prohibit or discourage reasonable competition. The provisions of this article shall be liberally construed. History: Laws 1984, ch. 127, § 472.
Section 59A-25-3 – Definitions.
For the purposes of this article: A. “credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction; B. “credit accident and health insurance” means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other […]