§2854. Forms available
Consumer credit insurance may be issued only in the following forms:
[PL 2001, c. 138, §8 (AMD).]
1.
Individual life.
Individual policies of life insurance issued to debtors on the term plan;
[PL 1969, c. 132, §1 (NEW).]
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;
[PL 1969, c. 132, §1 (NEW).]
3.
Group life.
Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
[PL 1969, c. 132, §1 (NEW).]
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;
[PL 1969, c. 132, §1 (NEW).]
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;
[PL 2001, c. 138, §8 (NEW).]
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;
[PL 2001, c. 138, §8 (NEW).]
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;
[PL 2001, c. 138, §8 (NEW).]
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
[PL 2001, c. 138, §8 (NEW).]
[PL 1969, c. 132, §1 (NEW).]
The superintendent may by rules adopted pursuant to section 2865 or chapter 40‑A designate other permissible types of consumer credit insurance.
[PL 2001, c. 138, §8 (NEW).]
SECTION HISTORY
PL 1969, c. 132, §1 (NEW). PL 2001, c. 138, §8 (AMD).