Effective 5/9/2017 31A-22-801. Scope of part. (1) Except as provided under Subsection (2), all life insurance and accident and health insurance in connection with loans or other credit transactions are subject to this part. (2) (a) Insurance written in connection with a credit transaction is not subject to this part, but is subject to other […]
31A-22-803. Forms of insurance permitted. Credit life insurance and credit accident and health insurance may be issued only in the following forms: (1) individual policies of term life insurance issued to debtors; (2) individual policies of term accident and health insurance issued to debtors, or accident and health benefit provisions in individual policies of credit […]
31A-22-804. Limitations on amounts of insurance. (1) Except as provided under Subsection (2), the initial amount of credit life insurance on the life of any one debtor may not exceed the total amount repayable under the contract of indebtedness. Where an indebtedness is repayable in substantially equal periodic installments, the amount of insurance may not […]
31A-22-805. Beginning date of insurance. (1) Except as provided under Subsection (2), any credit life insurance or credit accident and health insurance, subject to acceptance by the insurer, commences on the date when the debtor becomes obligated to the creditor. (2) (a) Where a group policy provides coverage for existing obligations, the insurance on a […]
31A-22-806. Provisions of policies and certificates. (1) All credit life insurance and credit accident and health insurance shall be evidenced by an individual policy, or, in the case of group insurance, by a certificate of insurance delivered to the debtor. (2) Each of these types of policies or certificates shall, in addition to satisfying the […]
31A-22-807. Filing and approval of forms — Loss ratio standards. (1) A policy, certificate of insurance, statement of insurance, or endorsement form intended for use in Utah is subject to Section 31A-21-201. (2) In addition to the grounds for prohibiting use of a form under Subsection 31A-21-201(3), it is a ground to prohibit the use […]
31A-22-808. Premiums and refunds. (1) Each policy, certificate, or statement of insurance shall provide that in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance shall be paid or credited promptly to the person entitled to it. […]
31A-22-809. Right of debtor to choose insurer. When credit life insurance or credit accident and health insurance is required as security for any indebtedness, the creditor shall inform the debtor of the debtor’s option to furnish the required insurance through existing policies of insurance owned or controlled by the debtor or to procure and furnish […]
