§ 26-21-106 — Term of insurance

(a) The term of any credit life insurance or credit
disability insurance, subject to the insurer's acceptance,
commences on the date when the debtor becomes obligated to the
creditor, or the date when the debtor applies for the insurance,
whichever is later, except that if a group policy provides
coverage with respect to the existing obligations, the insurance
on a debtor with respect to the indebtedness commences on the
effective date of the policy.
(b) If evidence of insurability is required and that
evidence is furnished more than thirty (30) days after the date
when the debtor becomes obligated to the creditor, the term of
the insurance may commence on the date on which the insurer
determines the evidence to be satisfactory, and in that case
there shall be an appropriate refund or adjustment of any charge
to the debtor for insurance. The term of the insurance shall not
extend more than fifteen (15) days beyond the scheduled maturity
date of the indebtedness except when extended without additional
cost to the debtor.
(c) If the indebtedness is discharged because of renewal
or refinancing prior to the scheduled maturity date, the
insurance in force shall be terminated before any new insurance
may be issued in connection with the renewed or refinanced
indebtedness.
(d) In all cases of termination prior to scheduled
maturity, a refund shall be paid or credited as provided in W.S.