The Vermont Statutes Online
The Statutes below include the actions of the 2024 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Title 8 : Banking and Insurance
Chapter 109 : Credit Life Insurance and Credit Accident and Health Insurance
(Cite as: 8 V.S.A. § 4105)-
§ 4105. Amount of insurance
(a) Credit life insurance. 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. Notwithstanding the provisions of this subsection, agricultural loans not exceeding one year may be written up to the amount of the loan commitment on a nondecreasing or level term plan.
(b) Credit accident and health insurance. The amount of periodic 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 indebtedness and shall not exceed the original indebtedness divided by the number of periodic installments. (Added 1959, No. 221, § 4.)
