§ 17-206. Policies issued to insure debtors of creditor, or creditors
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 17-206
§ 17-206. Policies issued to insure debtors of creditor, or creditors
(a) Subject to the requirements of this section, a policy may be issued to a creditor or its parent holding company or to a trustee or trustees or agent designated by two or more creditors, which creditor, holding company, affiliate, trustee, trustees, or agent shall be deemed the policyholder, to insure debtors of the creditor, or creditors.
(b)(1) The debtors eligible for insurance under the policy shall be all of the debtors of the creditor or creditors, or all of any class or classes of debtors.
(c)(1) The premium for the policy shall be paid either from the creditor's funds, or from charges collected from the insured debtors, or from both.
(d)(1) The amount of insurance on the life of any debtor shall at no time exceed the greater of the scheduled or actual amount of unpaid indebtedness to the creditor.
Credits
Added by Acts 1999, c. 659, § 1, eff. Oct. 1, 1999.
Formerly Art. 48A, § 423.
MD Code, Insurance, § 17-206, MD INSURANCE § 17-206
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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