58-19-11. Duration of term of insurance--Extension--Renewal or refinancing.
94 words·~1 min read·
/sd/title-58/chapter-58-19/58-19-11·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The term of credit life insurance or credit health insurance shall not extend more than fifteen days beyond the scheduled maturity date of the indebtedness except when extended without additional cost to the debtor. If the indebtedness is discharged due to renewal or refinancing prior to the scheduled maturity date, the insurance in force shall be terminated before any new insurance may be issued in connection with the renewed or refinanced indebtedness. In all cases of termination prior to scheduled maturity, a refund shall be paid or credited as provided in § 58-19-15 .