(a) Credit Life Insurance. The amount of credit life insurance shall not exceed the original amount of the indebtedness and any interest included therein.
(b) Credit Disability Insurance. The amount of periodic indemnity payable by credit disability insurance in the event of disability, as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness and shall not exceed the original indebtedness and any interest included therein divided by the number of periodic installments.
Structure Arkansas Code
Title 23 - Public Utilities and Regulated Industries
Chapter 87 - Model Act for the Regulation of Credit Life Insurance and Credit Disability Insurance
§ 23-87-110. Provisions of policies and certificates of insurance
§ 23-87-111. Delivery of policy or certificate
§ 23-87-112. Filing, approval, and withdrawal of policies, certificates, notices, etc
§ 23-87-113. Premiums and refunds
§ 23-87-114. Issuance of policies
§ 23-87-116. Debtor's choice of insurer as additional security