§506-9 Mortgage insurance; notice of right to cancel. (a) Any person, on behalf of a casualty insurance company, that provides a mortgagor with mortgage life insurance without charge for a period less than the term of the mortgage, which insurance is not a condition of obtaining the mortgage, shall send each insured mortgagor written notice advising each such mortgagor of the right to cancel the insurance, of the requirements for effecting such cancellation, and that premiums will be charged for the insurance unless it is canceled. The notice shall be sent to each insured mortgagor at least four weeks prior to the expiration of the period during which the insurance is provided without charge.
(b) For the purposes of this section, "mortgage life insurance" means an insurance plan which will pay off the mortgage balance in the event of the death or, as the case may be, disability of the insured mortgagor. [L 1989, c 239, §5]
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
