Naic: model bill to provide for the regulation of credit life insurance national association of insurance commissioners

Model state law of the NAIC that stipulates that the purchaser (debtor) of a credit life insurance (creditor life insurance) policy must be provided a descriptive policy; the policy must terminate if the indebtedness is discharged or if the indebtedness is transferred to another creditor; there must be com­plete disclosure of the premium charges to the debtor, and any unearned premiums must be refunded to the debtor.

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