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§ 13-106. Restrictions relating to amounts of insurance

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 13. Credit Life, Health, and Involuntary Unemployment Benefit Insurance (Refs & Annos)
MD Code, Insurance, § 13-106
§ 13-106. Restrictions relating to amounts of insurance
Currentness
Initial amount of credit life insurance
(a)(1) The initial amount of credit life insurance may not exceed the total amount repayable under the contract of indebtedness.
(2) Notwithstanding any other provision of this title, insurance on an agricultural credit transaction commitment not exceeding a term of 1 year may be written up to the amount of the loan commitment on a nondecreasing or level term plan.
(3) Notwithstanding any other provision of the Code, insurance on an educational credit transaction commitment may be written for the amount of that part of the commitment that has not been advanced by the creditor.
Total amount of periodic indemnity payable by credit health insurance
(b)(1) The total amount of periodic indemnity payable by credit health insurance in the event of disability may not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness.
(2) The amount of each periodic indemnity payment under a policy of credit health insurance may not exceed the original indebtedness divided by the number of periodic installments.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 436E.
MD Code, Insurance, § 13-106, MD INSURANCE § 13-106
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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