Illinois Administrative Code
Title 50 - INSURANCE
Part 1051 - CREDIT LIFE AND CREDIT ACCIDENT AND HEALTH INSURANCE
Section 1051.10 - Credit Life Insurance
Universal Citation: 50 IL Admin Code ยง 1051.10
Current through Register Vol. 48, No. 12, March 22, 2024
a) Only Decreasing Term Insurance may be written in connection with an indebtedness which is repayable in substantially equal installments.
b) Level Term Insurance may be written only in connection with an indebtedness not repayable in substantially equal installments.
c) The amount of insurance should at no time exceed the scheduled or actual amount of unpaid indebtedness, whichever is greater.
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