California Law (Last Updated: March 4, 2014) |
Insurance Code - INS |
Division 1. GENERAL RULES GOVERNING INSURANCE |
Part 2. THE BUSINESS OF INSURANCE |
Chapter 1. General Regulations |
ARTICLE 5.9. Credit Life and Disability Insurance |
Section 779.3.
Latest version.
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Credit life insurance and credit disability insurance shall be issued only in the following forms:
(a) Individual policies of life insurance issued to debtors on the term plan;
(b) Individual policies of disability insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;
(c) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
(d) Group policies of disability insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage.
(Added by Stats. 1959, Ch. 1667.)