West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance
Section 114-6-3 - Amount of Credit Life Insurance and Credit Accident and Sickness Insurance
Universal Citation: 114 WV Code of State Rules 114-6-3
Current through Register Vol. XLI, No. 38, September 20, 2024
3.1.
3.1.a. Amounts payable -- Credit Life Insurance.
-- The initial amount of credit life insurance shall not exceed the total amount
repayable under the contract of indebtedness and, where an indebtedness is repayable
in substantially equal installments, the amount of unpaid indebtedness, whichever is
greater.
3.1.b. Notwithstanding the
provisions of paragraph a of this subsection, insurance on agricultural credit
transaction commitments, not exceeding two (2) years in duration may be written up
to the amount of the loan commitment, on a nondecreasing or level term plan.
Notwithstanding the provisions of paragraph a of this subsection or any other
section of this rule, insurance on educational credit transaction commitments may be
written for the amount of the portion of the commitment that has not been advanced
by the creditor.
3.2. Amounts payable -- Credit accident and sickness insurance. -- The total amount of periodic indemnity payable by credit accident and sickness 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.
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