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Home » US Law » 2020 Mississippi Code » Title 83 - Insurance » Chapter 53 - Credit Life and Credit Disability Insurance

§ 83-53-5. Permissible forms of insurance

Credit life insurance and credit disability insurance shall be issued only in the following forms: Individual policies of life insurance issued to debtors on the term plan; Individual policies of disability insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance; Group policies of life insurance […]

§ 83-53-7. Limitations on amount of insurance

The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness. In the case of revolving loan or revolving charge accounts, the insurance shall not at any time exceed the unpaid indebtedness. Notwithstanding the provisions of the above paragraph, the amount of insurance on agricultural loan commitments […]

§ 83-53-9. Term of insurance

The term of any credit life insurance or credit disability insurance shall commence on the date when the debtor becomes obligated to the creditor, or the date the debtor applies for such insurance, whichever is later, except that where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with […]