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-.05 - SINGLE INTEREST INSURANCE ON HOUSEHOLD GOODS AND SINGLE INTEREST AUTO AS COLLATERAL

In the case of a total loss, the insurance company shall issue a check payable to the loan company for the amount of insurance in effect as of the date of loss. The loan company, after applying the amount of insurance then in effect, shall pay all refunds to the borrower by check, and then give the borrower his promissory note stamped "PAID."

Authority: T.C.A. §45-2011.