Illinois Statutes
§ 155.54
Illinois § 155.54
JurisdictionIllinois
TopicREGULATION
Ch. 215INSURANCE
Act 215 ILCS 5/Illinois Insurance Code.
Art.Article IX 1/2 - Credit Life and Credit Accident and Health Insurance
This text of Illinois § 155.54 is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
215 Ill. Comp. Stat. 155.54 (2026).
Text
Amount of credit life insurance and credit accident and health insurance.) (a) Credit Life Insurance The amount of credit life insurance shall not exceed the initial indebtedness. Where an indebtedness is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of unpaid indebtedness, whichever is greater.
(b)Credit Accident and Health Insurance The total amount of 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 the indebtedness and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments.
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Legislative History
(Source: P.A. 79-930.)
Nearby Sections
15
§ 155
Attorney fees§ 155.03
Defense of ultra vires§ 155.06
Emergency by-laws may be adopted§ 155.07
Change of location of offices§ 155.10
(Repealed)§ 155.14
(Repealed)§ 155.15
(Repealed)§ 155.16
(Repealed)§ 155.17
§ 155.17§ 155.18
§ 155.18§ 155.18a
(Repealed)Cite This Page — Counsel Stack
Bluebook (online)
Illinois § 155.54, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/215/155.54.