Sec. 1307. Group certificates.

167 words·~1 min read·/il/chapter-215/act-5/1307

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 1307. Group certificates. No insurer may participate in a group-to-group consolidation or a loan transfer consolidation unless in addition to all other requirements provided by law, it complies with the following:

(1)A group certificate must be delivered to each debtor insured under the new plan, which certificate shall include the following information:

(A)the name or names of the single or joint insureds;

(B)identification of the insured mortgage;

(C)the amount of insurance under the new plan;

(D)the premium for the new coverage;

(E)the effective date of the new coverage;

(F)the beneficiary for the new coverage.

(2)The new coverage offered to the prospective insured must be the same coverage as the old coverage, including all supplemental benefits, or the same type of coverage as the old coverage, whichever is otherwise required by this Article.

(3)A group certificate evidencing the new coverage may not include a contestability clause or, in the case of mortgage life insurance, a provision excluding suicide.