Rates: Credit life insurance.
1. The maximum allowable rates for credit life insurance are as follows:
Decreasing Term Level Term Accidental Death
Benefit Insurance Insurance or Dismemberment
Single Life $0.65 $1.25 $0.05
Joint Life 1.00 1.92 .10
These rates are for $100 of initial insurance per annum. If an insurer wants to adopt a schedule of rates graduated according to the size of the group, the rates are acceptable if the rate approximates a standard of 65 cents per $100 of insurance per annum.
Level Term Accidental Death
Benefit Insurance or Dismemberment
Single $1.04 $0.08
Joint 1.60 .16
These rates are for $1,000 of outstanding monthly balance of insured indebtedness.
2. The rates in this section are acceptable only if the coverage contains no exception, limitation or exclusion except for suicide committed within 2 years after the effective date of the insurance.
Last modified: February 27, 2006