Source: https://app.leg.wa.gov/rcw/default.aspx?cite=48.34&full=true
Timestamp: 2020-01-26 12:19:17
Document Index: 594687878

Matched Legal Cases: ['§ 1', '§ 14', '§ 2', '§ 3', '§ 4', '§ 5', '§ 1', '§ 23', '§ 2', '§ 1', '§ 6', '§ 7', '§ 8', '§ 7144', '§ 12']

Chapter 48.34 RCW: CREDIT LIFE INSURANCE AND CREDIT ACCIDENT AND HEALTH INSURANCE
RCWs > Title 48 > Chapter 48.34
Chapter 48.34 RCW
48.34.010 Declaration of purpose—Liberal construction.
48.34.020 Chapter part of insurance code—What insurance subject to chapter.
48.34.030 Definitions.
48.34.040 Authorized forms.
48.34.050 Life—Limitation on amount under individual policy.
48.34.060 Life—Limitation on amount repayable under group policy.
48.34.070 Accident and health—Limitation on amount.
48.34.080 Commencement, termination date of term.
48.34.090 Policy or certificate—Contents—Delivery, copy of application or notice in lieu—Substitute insurer, premium, etc., on rejection.
48.34.100 Filing policies, notices, riders, etc.—Approval by commissioner—Preexisting policies—Forms.
48.34.110 Refunds—Credits—Charges to debtor.
48.34.120 Debtor's right to furnish and obtain own insurance.
RCW 48.34.010
Declaration of purpose—Liberal construction.
The purpose of this chapter is to promote the public welfare by regulating credit life insurance and credit accident and health insurance. Nothing in this chapter is intended to prohibit or discourage reasonable competition. The provisions of this chapter shall be liberally construed.
[ 1961 c 219 § 1.]
RCW 48.34.020
Chapter part of insurance code—What insurance subject to chapter.
(1) This chapter is a part of the insurance code.
(2) All life insurance and all accident and health insurance in connection with loans or other credit transactions shall be subject to the provisions of this chapter, except such insurance under an individual policy in connection with a loan or other credit transaction of more than ten years duration. Insurance shall not be subject to the provisions of this chapter where its issuance is an isolated transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor.
[ 1969 ex.s. c 241 § 14; 1961 c 219 § 2.]
RCW 48.34.030
For the purpose of this chapter: (1) "Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction;
(3) "Creditor" means the lender of money or vendor or lessor of goods, services, properties, rights, or privileges, for which payment is arranged through a credit transaction, or any successor to the right, title, or interest of any such lender, vendor, or lessor, and an affiliate, associate, or subsidiary of any of them or a director, officer, or employee of any of them or any other person in any way associated with any of them;
(4) "Debtor" means a borrower of money or a purchaser or lessee of goods, services, properties, rights, or privileges for which payment is arranged through a credit transaction;
(5) "Indebtedness" means the total amount payable by a debtor to a creditor in connection with the loan or other credit transaction.
[ 1961 c 219 § 3.]
RCW 48.34.040
(2) Individual policies of accident and health insurance issued to debtors on a term plan, or disability benefit provisions in individual policies of credit life insurance;
(3) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;
(4) Group policies of accident and 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.
[ 1961 c 219 § 4.]
RCW 48.34.050
Life—Limitation on amount under individual policy.
The initial amount of credit life insurance under an individual policy shall not exceed the total amount repayable under the contract of indebtedness. Where an indebtedness is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of unpaid indebtedness, whichever is greater.
[ 1961 c 219 § 5.]
RCW 48.34.060
Life—Limitation on amount repayable under group policy.
The initial amount of credit life insurance under a group policy shall at no time exceed the amount owed by the debtor which is repayable in installments to the creditor.
[ 1987 c 130 § 1; 1983 1st ex.s. c 32 § 23; 1977 c 61 § 2; 1967 ex.s. c 82 § 1; 1961 c 219 § 6.]
RCW 48.34.070
Accident and health—Limitation on amount.
The total amount of periodic indemnity payable by credit accident and health 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 such periodic indemnity payment shall not exceed the original indebtedness divided by the number of periodic installments.
[ 1961 c 219 § 7.]
RCW 48.34.080
Commencement, termination date of term.
The term of any credit life insurance or credit accident and health insurance shall, subject to acceptance by the insurer, commence on the date when the debtor becomes obligated to the creditor: PROVIDED, That, where a group policy provides coverage with respect to existing obligations, the insurance on a debtor with respect to such indebtedness shall commence on the effective date of the policy. Where evidence of insurability is required and such evidence is furnished more than thirty days after the date when the debtor becomes obligated to the creditor, the term of the insurance may commence on the date on which the insurance company determines the evidence to be satisfactory, and in such event there shall be an appropriate refund or adjustment of any charge to the debtor for insurance. The term of such insurance shall not extend more than fifteen days beyond the scheduled maturity date of indebtedness, except when extended without additional cost to the debtor. If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with renewed or refinanced indebtedness. In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in RCW 48.34.110.
[ 1961 c 219 § 8.]
RCW 48.34.120
Debtor's right to furnish and obtain own insurance.
When the credit life insurance or credit accident and health insurance is required in connection with any credit transaction, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or her or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state.
[ 2009 c 549 § 7144; 1961 c 219 § 12.]