Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-18 - Insurance Required or Accepted by an Industrial Loan and Thrift Company
Section 0780-01-18-.04 - DUAL INTEREST INSURANCE ON HOUSEHOLD GOODS AS SOLE COLLATERAL ON LOAN

Universal Citation: TN Comp Rules and Regs 0780-01-18-.04

Current through September 24, 2024

(1) In case of a total loss, the insurance company shall issue a check payable to the loan company and the borrower for the full amount of the policy, as of the date of loss.

(2) The loan company shall pay the borrower by check the difference between the amount of the settlement check and the net unpaid balance of the loan. The loan company shall then give the borrower his promissory note stamped "PAID."

Authority: T.C.A. §45-2011.

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