West Virginia Code of State Rules
Agency 114 - Insurance Commission
Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER
Series 114-07 - Premium Financing Of Life Insurance For College Students
Section 114-7-4 - Transfer Of Note
Current through Register Vol. XLI, No. 38, September 20, 2024
4.1. Time of transfer. -- Promissory notes should not be sold or otherwise transferred by the payee nor any commissions on the sale paid to the agent until the printed form described in Section 3.1 of these rules, above, executed by the insured, has been received in the home office of the insurer.
4.2. Notice of transfer. -- The insurer shall notify the note maker (insured) and any co-makers regarding the sale or transfer of the note after such sale or transfer, inviting any questions relative to the note or the policy which is used as collateral security for the note. Such notice may be given by the purchaser, transferee or assignee of the note, but the insurer is charged with the ultimate responsibility to give notice.
