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The Legislative Service Commission staff updates the Revised Code on an ongoing basis, as it completes its act review of enacted legislation. Updates may be slower during some times of the year, depending on the volume of enacted legislation.

Section 3918.04 | Amount of credit life insurance not to exceed initial indebtedness.

Ohio Revised Code
/
Title 39 Insurance
/
Chapter 3918 Credit Life And Accident And Health Insurance
 
Effective:
January 1, 1960
Latest Legislation:
House Bill 1058 - 103rd General Assembly
PDF:
Download Authenticated PDF
 

(A) The amount of credit life insurance shall not exceed the initial indebtedness.

Where an indebtedness repayable in substantially equal installments is secured by an individual policy of credit life insurance the amount of insurance shall at no time exceed the scheduled amount of indebtedness and, where secured by a group policy of credit life insurance, shall at no time exceed the amount of unpaid indebtedness.

(B) The total amount of indemnity payable by credit accident and 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 indebtedness divided by the number of periodic installments.

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