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2021 Tennessee Code
Title 56 - Insurance
Chapter 49 - Tennessee Creditor-Placed Insurance Act of 1999
§ 56-49-104. Effective Dates of Insurance — Insurance Charges

Universal Citation: TN Code § 56-49-104 (2021)
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  1. Creditor-placed insurance shall become effective on the latest of the following dates:

    1. The date of the credit transaction;

    2. The date prior coverage, including prior creditor-placed insurance coverage, lapsed;

    3. One (1) year before the date on which the related insurance charge is made to the debtor's account; or

    4. A later date provided for in the agreement between the creditor and insurer.

  2. Creditor-placed insurance shall terminate on the earliest of the following dates:

    1. The date other acceptable insurance becomes effective, subject to the debtor providing acceptable evidence of the other insurance to the creditor;

    2. The date the collateralized personal property is repossessed, unless the property is returned to the debtor within ten (10) days of the repossession;

    3. The date the collateralized personal property is determined by the insurer to be a total loss;

    4. The date the debt is completely extinguished; or

    5. An earlier date specified in the individual policy or certificate of insurance.

  3. An insurance charge shall not be made to a debtor for a term longer than the scheduled term of the creditor-placed insurance when it becomes effective, nor may an insurance charge be made to the debtor for creditor-placed insurance before the effective date of the insurance.

  4. If a charge is made to a debtor for creditor-placed insurance coverage that exceeds a term of one (1) year, the debtor shall be notified at least annually that the insurance will be cancelled and a refund or credit of unearned charges made if evidence of acceptable insurance secured by the debtor is provided.
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