58-19-11 Duration of term of insurance--Extension--Renewal or refinancing.
Duration of term of insurance--Extension--Renewal or refinancing.
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.
Source: SL 1966, ch 111, ch 27, § 5.