Maine Revised Statutes Title 24-A Chapter 37: Consumer Credit Insurance

What this document is

Maine Revised Statutes Title 24-A Chapter 37 - Consumer Credit Insurance is a state statute published by Maine Legislature, Office of the Revisor of Statutes (legislature.maine.gov). It is one of the Maine documents that insurance license exam questions are written from, including maine life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 24-A M.R.S. Chapter 37 § 2857(2) (Content of Policy or Certificate)

  “a description of the coverage, including the amount and term of the coverage, and any exceptions, limitations and restrictions, including conditions under which the policy may be terminated, which must be highlighted in bold print; and must state that the benefit is paid to the creditor to reduce...”

• 24-A M.R.S. Chapter 37 § 2855(4)(A) (Amounts of Insurance: Credit Health)

  “The total amount of indemnity payable by credit 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 each periodic indemnity payment shall not exceed the original...”

• 24-A M.R.S. Chapter 37 § 2859(2) (Refund)

  “in the event of termination of the insurance prior to the scheduled maturity date of the indebtedness, any refund of an amount paid by the debtor for insurance must be paid or credited promptly to the debtor. The superintendent shall prescribe a minimum refund and no refund that would be less than...”

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