02-031-220 Me. Code R. § 6

Current through 2025-03, January 15, 2025
Section 031-220-6 - Truncated Coverage Notice
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."

02-031 C.M.R. ch. 220, § 6