Section 2854 - Forms availableConsumer credit insurance may be issued only in the following forms: [2001, c. 138, §8(AMD).]
1.Individual life. Individual policies of life insurance issued to debtors on the term plan; [1969, c. 132, §1(NEW).]
2.Individual accident and health. Individual policies of health insurance issued to debtors on a term plan, or disability benefit provisions in individual policies of credit life insurance; [1969, c. 132, §1(NEW).]
3.Group life. Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; [1969, c. 132, §1(NEW).]
4.Group accident and health. Group policies of health insurance issued to creditors on a term plan insuring debtors, or disability benefit provisions in group credit life insurance policies to provide such coverage; [1969, c. 132, §1(NEW).]
4-A.Individual credit property insurance. Individual policies of property insurance on property that is purchased on credit or pledged as collateral on a loan when the insurance is purchased by or issued to the debtor in connection with that loan or credit transaction; [2001, c. 138, §8(NEW).]
4-B.Group credit property insurance. Group policies of property insurance on property that is purchased on credit or pledged as collateral on a loan when the insurance is purchased by or issued to the debtor in connection with that loan or credit transaction; [2001, c. 138, §8(NEW).]
4-C.Individual credit involuntary unemployment insurance. Individual involuntary unemployment policies insuring a debtor pursuant to or in connection with a specific loan or other credit transaction but not including disability insurance policies; [2001, c. 138, §8(NEW).]
4-D.Group credit involuntary unemployment insurance. Group involuntary unemployment policies insuring a debtor pursuant to or in connection with a specific loan or other credit transaction but not including disability insurance policies; or [2001, c. 138, §8(NEW).]
5.Combination. A combination under subsections 1 and 2, or under 3 and 4. [1969, c. 132, §1(NEW).]
The superintendent may by rules adopted pursuant to section 2865 or chapter 40-A designate other permissible types of consumer credit insurance. [2001, c. 138, §8(NEW).]
1969, c. 132, § 1 (NEW) . 2001, c. 138, § 8 (AMD) .