US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 23
                            CREDIT LIFE AND CREDIT
                             DISABILITY INSURANCE
    41-2307.  TERM OF CREDIT LIFE INSURANCE AND CREDIT DISABILITY INSURANCE.
The term of any credit life insurance or credit disability insurance shall,
subject to acceptance by the insurer, commence on the date when the debtor
becomes obligated to the creditor, except that, where a group policy provides
coverage with respect to existing obligations, the insurance on a debtor with
respect to such indebtedness shall commence on the effective date of the
policy. Where evidence of insurability is required and such evidence is
furnished more than thirty (30) days after the date when the debtor becomes
obligated to the creditor, the term of the insurance may commence on the date
on which the insurer determines the evidence to be satisfactory, and in such
event there shall be an appropriate refund or adjustment of any charge to the
debtor for insurance. The term of such insurance shall not extend more than
fifteen (15) days beyond the scheduled maturity date of the indebtedness
except when extended without additional cost to the debtor. If the
indebtedness is discharged due to renewal or refinancing prior to the
scheduled maturity date, the insurance in force shall be terminated before any
new insurance may be issued in connection with the renewed or refinanced
indebtedness. In all cases of termination prior to scheduled maturity, a
refund shall be paid or credited as provided in section 41-2310.