§2854. Forms available

Consumer credit insurance may be issued only in the following forms:   [PL 2001, c. 138, §8 (AMD).]

1.  Individual life.  Individual policies of life insurance issued to debtors on the term plan;

[PL 1969, c. 132, §1 (NEW).]

2.  Individual accident and health.  Individual policies of health insurance issued to debtors on a term plan, or disability benefit provisions in individual policies of credit life insurance;

[PL 1969, c. 132, §1 (NEW).]

3.  Group life.  Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;

[PL 1969, c. 132, §1 (NEW).]

4.  Group accident and health.  Group policies of health insurance issued to creditors on a term plan insuring debtors, or disability benefit provisions in group credit life insurance policies to provide such coverage;

[PL 1969, c. 132, §1 (NEW).]

4-A.  Individual credit property insurance.  Individual policies of property insurance on property that is purchased on credit or pledged as collateral on a loan when the insurance is purchased by or issued to the debtor in connection with that loan or credit transaction;

[PL 2001, c. 138, §8 (NEW).]

4-B.  Group credit property insurance.  Group policies of property insurance on property that is purchased on credit or pledged as collateral on a loan when the insurance is purchased by or issued to the debtor in connection with that loan or credit transaction;

[PL 2001, c. 138, §8 (NEW).]

4-C.  Individual credit involuntary unemployment insurance.  Individual involuntary unemployment policies insuring a debtor pursuant to or in connection with a specific loan or other credit transaction but not including disability insurance policies;

[PL 2001, c. 138, §8 (NEW).]

4-D.  Group credit involuntary unemployment insurance.  Group involuntary unemployment policies insuring a debtor pursuant to or in connection with a specific loan or other credit transaction but not including disability insurance policies; or

[PL 2001, c. 138, §8 (NEW).]

5.  Combination.  A combination under subsections 1 and 2, or under 3 and 4.

[PL 1969, c. 132, §1 (NEW).]

The superintendent may by rules adopted pursuant to section 2865 or chapter 40-A designate other permissible types of consumer credit insurance.   [PL 2001, c. 138, §8 (NEW).]

SECTION HISTORY

PL 1969, c. 132, §1 (NEW). PL 2001, c. 138, §8 (AMD).