Connecticut § 38a-648 (Formerly Sec. 38-252). Allowable amount of insurance.

Connecticut Statutes

§ 38a-648 — (Formerly Sec. 38-252). Allowable amount of insurance.

Connecticut·Title 38a Insurance·Ch. 700e Credit Life, Accident and Health Insurance

(a)The amount of credit life insurance shall not exceed the initial indebtedness. Where an indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance, the amount of insurance shall at no time exceed the scheduled amount of indebtedness and, where secured by a group policy of credit life insurance, shall at no time exceed the amount of unpaid indebtedness.

(b)The amount of periodic indemnity payable by credit accident and health insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness or shall not exceed the original indebtedness divided by the number of periodic installments.

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(a) The amount of credit life insurance shall not exceed the initial indebtedness. Where an indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance, the amount of insurance shall at no time exceed the scheduled amount of indebtedness and, where secured by a group policy of credit life insurance, shall at no time exceed the amount of unpaid indebtedness. (b) The amount of periodic indemnity payable by credit accident and health insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness or shall not exceed the original indebtedness divided by the number of periodic installments.

Connecticut § 38a-648 ((Formerly Sec. 38-252). Allowable amount of insurance.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.