24-A M.R.S. §2854: Forms available

Consumer credit insurance may be issued only in the following forms:

1. Individual life. Individual policies of life insurance issued to debtors on the term plan;

2. Individual accident and health. Individual policies of health insurance issued to debtors on a term plan, or disability benefit provisions in individual policies of credit life insurance;

3. Group life. Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;

4. Group accident and health. Group policies of health insurance issued to creditors on a term plan insuring debtors, or disability benefit provisions in group credit life insurance policies to provide such coverage;

4-A. Individual credit property insurance. Individual policies of property insurance on property that is purchased on credit or pledged as collateral on a loan when the insurance is purchased by or issued to the debtor in connection with that loan or credit transaction;

4-B. Group credit property insurance. Group policies of property insurance on property that is purchased on credit or pledged as collateral on a loan when the insurance is purchased by or issued to the debtor in connection with that loan or credit transaction;

4-C. Individual credit involuntary unemployment insurance. Individual involuntary unemployment policies insuring a debtor pursuant to or in connection with a specific loan or other credit transaction but not including disability insurance policies;

4-D. Group credit involuntary unemployment insurance. Group involuntary unemployment policies insuring a debtor pursuant to or in connection with a specific loan or other credit transaction but not including disability insurance policies; or

5. Combination. A combination under subsections 1 and 2, or under 3 and 4.

The superintendent may by rules adopted pursuant to section 2865 or chapter 40‑A designate other permissible types of consumer credit insurance.