West Virginia Code of State Rules › Agency 114 - Insurance Commission › Title 114 - LEGISLATIVE RULE INSURANCE COMMISSIONER › Series 114-06 - Credit Life Insurance, Credit Accident And Sickness Insurance, And Credit Unemployment Insurance › Section 114-6-5 - Provisions of Policies, Certificates, Applications and Notices of Proposed Insurance

Current through Register Vol. XLI, No. 28, July 12, 2024
5.1. Policy or
				certificate required. -- All credit life insurance and credit accident and sickness
				insurance shall be evidenced by an individual policy, or in the case of group
				insurance by a certificate of insurance. The insurer shall deliver the individual
				policy or group certificate of insurance to the debtor.
5.2. Certain information required on policy or
				certificate. -- Each individual policy or group certificate of credit life insurance
				and/or credit accident and sickness insurance shall, in addition to other
				requirements of law, set forth (i) the name and home office address of the insurer,
				(ii) the names of the debtor or in the case of a certificate under a group policy,
				the identity by name or otherwise of the debtor, (iii) the premium or amount of
				payment, if any, by the debtor separately for credit life insurance and credit
				accident and sickness insurance, (iv) a description of the coverage including the
				amount of term thereof and any exceptions, limitations and restrictions, and (v)
				shall state that the benefits shall be paid to the creditor to reduce or extinguish
				the unpaid indebtedness. When the amount of insurance exceeds the unpaid
				indebtedness, any excess shall be payable to a beneficiary, other than the creditor,
				named by the debtor or to his or her estate.
5.3. Delivery. -- The individual policy or group
				certificate of insurance shall be delivered by the insurer to the insured debtor at
				the time the indebtedness is incurred except as provided in this section. If the
				individual policy or group certificate of insurance is not a copy of the application
				for the policy or a notice of proposed insurance, signed by the debtor setting forth
				the name and home office address of the insurer, the name or names of the debtor(s),
				the premium or amount of payment by the debtor, if any, separately for credit life
				insurance and credit accident and sickness insurance, the amount, term and brief
				description of the coverage provided, the policy shall be delivered by the insurer
				to the debtor at the time the indebtedness is incurred. The copy of the application
				for, or notice of proposed insurance, shall also refer exclusively to insurance
				coverage, and shall be separate and apart from the loan, sale or other credit
				statement of account, instrument or agreement, unless set forth in a separate
				provision on the face or reverse side of the instrument in type at least equal in
				size and prominence to the type used for the provisions of the instrument: Provided,
				That the name of the debtor proposed for insurance, any figures relating to the
				amount of the coverage, and the rate or amount of payment for insurance by the
				debtor need not be contained in a separate provision of the instrument but may be
				set forth elsewhere in the instrument. Upon acceptance of the insurance by the
				insurer and within forty-five (45) days of the date upon which the indebtedness is
				incurred, the insurer shall cause the individual policy or group certificate of
				insurance to be delivered to the debtor. The application or notice of proposed
				insurance shall state that upon acceptance by the insurer, the insurance becomes
				effective as provided in Section 4 [§
									114-6-4
				] of this rule.
5.4. Substituted
				insurer. -- If the named insurer does not accept the risk, then the debtor must
				receive from the substituted insurer a policy or certificate of insurance setting
				forth the name and home office address of the substituted insurer and the amount of
				the premium to be charged and if the amount of premium is less than that set forth
				in the notice of proposed insurance an appropriate refund shall be made.