Credit life insurance and credit disability insurance shall be issued only in the following forms:
Individual policies of life insurance issued to debtors on the term plan;
Individual policies of disability insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;
Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and
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.
Structure Mississippi Code
Chapter 53 - Credit Life and Credit Disability Insurance
§ 83-53-1. Legislative purpose; construction
§ 83-53-5. Permissible forms of insurance
§ 83-53-7. Limitations on amount of insurance
§ 83-53-11. Reinsurance and retrocession agreements
§ 83-53-19. Reporting and settlement of claims; maintenance of claim files
§ 83-53-21. Freedom of debtor to procure insurance from any authorized company
§ 83-53-23. Reasonable insurance rates; prohibition against additional charges
§ 83-53-29. Promulgation of rules and regulations; requirement of information
§ 83-53-31. Issuance of cease and desist order; penalties
§ 83-53-33. Hearing relative to cease and desist order; costs; service of process
§ 83-53-35. Order, after hearing, as to findings, conclusions, and decision
§ 83-53-39. Effective dates of orders; stay of execution or enforcement
§ 83-53-41. Appeal from order which does not charge violation
§ 83-53-43. Penalty for violation of final order; civil action to recover penalty