44-288. Insurance provisions of
contract
A. The amount, if any, included for insurance, which may be purchased by the holder
of the retail installment contract, shall not exceed the applicable premiums chargeable
in accordance with the rates filed with the director of insurance of the Arizona
corporation commission.
B. If dual interest insurance on the motor vehicle is purchased by the seller or
seller's assignee, as the case may be, it shall within thirty days after execution of the
retail installment contract, send or cause to be sent to the buyer a policy, or policies,
or certificates of insurance written by an insurance company authorized to do business in
this state, clearly setting forth the amount of the premium, the kind or kinds of
insurance, the coverages and all the terms, options, limitations, restrictions and
conditions of the contract or contracts of insurance. The buyer shall have the privilege
at the time of execution of the contract of purchasing such insurance from an agent or
broker of his own selection and of selecting an insurance company acceptable to the
holder, but in such case the inclusion of the insurance premium in the retail installment
contract shall be optional with the seller.
C. If any insurance is canceled, or the premium adjusted, any refund of the
insurance premium received by the holder shall be credited to the contract except to the
extent applied toward payment for similar insurance protecting the interests of the buyer
and the holder or either of them.
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