§ 1007.4. Amount of credit life insurance and credit accident and health insurance
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 40 P.S. Insurance
40 P.S. § 1007.4
§ 1007.4. Amount of credit life insurance and credit accident and health insurance
Where an indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance, the amount of insurance shall at no time exceed the scheduled amount of indebtedness or the amount of unpaid indebtedness, which ever is the greater, and where secured by a group policy of credit life insurance shall at no time exceed the amount of unpaid indebtedness.
(d) The total amount of periodic indemnity payable by credit accident and health insurance in the event of disability as defined in the policy shall not exceed the aggregate of the periodic scheduled unpaid installments of the indebtedness and the amount of each periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments.
Credits
1961, Sept. 2, P.L. 1232, § 4.
40 P.S. § 1007.4, PA ST 40 P.S. § 1007.4
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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