Maine § 24-A §2854 Forms available

Maine Statutes

§ 24-A §2854 — Forms available

Maine·Title 24-A MAINE INSURANCE CODE·Ch. 37 CONSUMER CREDIT INSURANCE

Consumer credit insurance may be issued only in the following forms:

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

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;

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

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; 4-A. Individual credit property insurance. Individual policies of property insurance on property

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Consumer credit insurance may be issued only in the following forms:
1.
Individual life.
Individual policies of life insurance issued to debtors on the term plan;
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;
3.
Group life.
Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
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;
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;
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;
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;
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
5.
Combination.
A combination under subsections 1 and 2, or under 3 and 4.
The superintendent may by rules adopted pursuant to section 2865 or chapter 40‑A designate other permissible types of consumer credit insurance.