Haw. Code R. § 16-6-9 - Involuntary prepayment of indebtedness
If an indebtedness is prepaid by the proceeds of a credit life insurance policy covering the debtor or by a lump sum payment of a disability claim under a credit insurance policy covering the debtor, then it shall be the responsibility of the insurer to see that the following refunds are paid to the beneficiary, other than the creditor, named by the debtor or to the debtor's estate:
(1) In the case
of prepayment by the proceeds of a credit life insurance policy, an appropriate
refund of the credit disability premium in accordance with section
16-6-13;
(2) In the case of
prepayment by a lump sum disability claim, an appropriate refund of the credit
life insurance premium in accordance with section 16-6-13; and
(3) In either case, a refund of the unearned
finance charge computed in accordance with the applicable finance laws or rules
of this State which apply to voluntary prepayment provided that premiums paid
to the insurer are based on an amount of insurance which includes unearned
finance charges.
Notes
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