58-19-21. Application or notice delivered to debtor in lieu of policy or certificate.
178 words·~1 min read·
/sd/title-58/chapter-58-19/58-19-21·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
If said individual policy or group certificate of insurance is not delivered to the debtor at the time the indebtedness is incurred, a copy of the application for such policy or a notice of proposed insurance, signed by the debtor and setting forth the name and home office address of the insurer, the name of the debtor, the premium or amount of payment by the debtor, if any, separately for credit life insurance and credit health insurance, the amount, term and a brief description of the coverage provided, shall be delivered to the debtor at the time such indebtedness is incurred.
Said application or notice of proposed insurance shall state that upon acceptance by the insurer, the insurance shall become effective as provided in §§ 58-19-9 and 58-19-10 . The copy of the application for, or notice of proposed insurance, shall also refer exclusively to insurance coverage, and shall be separate and apart from the loan, sale, or other credit statement of account, instrument, or agreement, unless the information required by this section is prominently set forth therein.