The term of any credit life insurance or credit disability insurance shall commence on the date when the debtor becomes obligated to the creditor, or the date the debtor applies for such insurance, whichever is later, except 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 ninety (90) 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 debtor to be insurable, and in such event there shall be an approximate refund or adjustment on any charge to the debtor for insurance. The term of such insurance shall not extend more than thirty (30) days beyond the scheduled maturity date of the indebtedness, except when extended without additional cost to the debtor.
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