Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 220 - CREDIT LIFE AND HEALTH INSURANCE
Section 031-220-6 - Truncated Coverage Notice
Universal Citation: 02 ME Code Rules ยง 031-220-6
Current through 2024-38, September 18, 2024
A. For truncated credit life insurance and/or credit disability insurance, a notice must appear in bold print on the face of the individual policy or group certificate or as an endorsement attached to the face page of the individual policy or group certificate. If the same policy or certificate form is used for both truncated and other types of coverage, a check box may be used such that the notice applies only if the box is checked.
B. Unless alternative language is approved by the Superintendent, the notice shall be worded as follows:
(1) For truncated credit life insurance:
"Notice: The term of your loan is longer than the term of this insurance. The
death benefit is only payable if death occurs during the term of the
insurance."
(2) For truncated
credit disability insurance: "Notice: The term of your loan is longer than the
term of this insurance. Disability benefits will not be paid for any period of
disability beginning or continuing after the termination date of this
insurance."
(3) For truncated
credit life and disability insurance: "Notice: The term of your loan is longer
than the term of this insurance. The death benefit is only payable if death
occurs during the term of the insurance. Disability benefits will not be paid
for any period of disability beginning or continuing after the termination date
of this insurance."
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