Tenn. Comp. R. & Regs. 0780-01-04-.02 - EXISTING INSURANCE-CHOICE OF INSURER
(1) When life
insurance or accident and health insurance is requested by a creditor, the
debtor shall have the option, upon notice to the creditor, if furnishing
existing policies of insurance, or procuring and furnishing new policies of
insurance, owned or controlled by him and issued by any insurer authorized to
transact an insurance business in this state for an amount not less than the
indebtedness, and for the term and type of insurance coverage requested by the
creditor. Any such policy furnished by the debtor shall not be subject to this
chapter, unless procured through or administered by the creditor or an agent or
broker designated by or associated with the creditor.
(1) Insurers writing credit insurance shall
be responsible for establishment of procedures by which creditors are furnished
a sufficient number of printed notices informing their debtors of said option.
Creditors shall prominently display such notices.
Notes
Authority: T.C.A. ยงยง 45-5-403, 56-7-901 and 56-8-110.
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