§ 26-21-109 — 26-21-107. Provisions of policies and certificates; disclosure to debtors

Wyoming § 26-21-109

• Jurisdiction: Wyoming
• Title 26: Insurance Code
• Ch. 21: CREDIT LIFE AND DISABILITY INSURANCE

Text

(a) All credit life insurance and credit disability
insurance shall be evidenced by an individual policy, or in the
case of group insurance by a certificate of insurance, which
individual policy or group certificate shall be delivered to the
debtor.
(b) Each individual policy or group certificate of credit
life insurance or credit disability insurance, or both, in
addition to other requirements of law, shall:
(i) Set forth:
(A) The insurer's name and home office address;
(B) The identity by name or otherwise of the
persons insured;
(C) The premium amount of payment, if any, by
the debtor separately for credit life insurance and credit
disability insurance;
(D) A description of the amount, term and
coverage including any exceptions, limitations and restrictions;
and
(ii) State that the benefits shall be paid to the
creditor to reduce or extinguish the unpaid indebtedness and, if
the amount of insurance exceeds the unpaid indebtedness, the
excess is payable to a beneficiary, other than the creditor,
named by the debtor or to his estate.
(c) Except as otherwise provided in this section, the
individual policy or group certificate of insurance shall be
delivered to the insured debtor at the time the indebtedness is
incurred.
(d) If a debtor makes a separate payment for credit life
or credit disability insurance and an individual policy or group
certificate of insurance is not delivered to the debtor at the
time the indebtedness is incurred, a copy of the application for
the policy or a notice of proposed insurance shall be delivered
at that time to the debtor. The copy of the application for, or
notice of proposed insurance, shall:
(i) Be signed by the debtor and shall set forth:
(A) The identity by name or otherwise of the
person or persons insured;
(B) The premium or amount of payment by the
debtor, if any, separately for credit life insurance and credit
disability insurance; and
(C) A statement that within thirty (30) days, if
the insurer accepts the insurance, there shall be delivered to
the debtor an individual policy or group certificate of
insurance containing:
(I) The insurer's name and home office
address;
(II) A description of the amount, term and
coverage including any exceptions, limitations and restrictions.
(ii) Refer exclusively to insurance coverage and
shall be separate from the loan, sale or other credit statement
of account, instrument or agreement, unless the information
required by this subsection is prominently set forth in the copy
of the application or the notice of proposed insurance.
(e) Upon the insurer's acceptance of the insurance and
within thirty (30) days from the date the indebtedness is
incurred, the insurer shall cause the individual policy or group
certificate of insurance to be delivered to the debtor. The
application or notice of proposed insurance shall state that
upon the insurer's acceptance, the insurance is effective as
provided in W.S. 26-21-106.
(f) If the named insurer does not accept the risk, the
debtor shall receive a policy or certificate of insurance
setting forth the name and home office address of the
substituted insurer and the amount of the premium to be charged.
If the amount of premium is less than that set forth in the
notice of proposed insurance, an appropriate refund shall be
made.