§431:10B-106  Term of credit life and creditdisability insurance.  The term of any credit life insurance or creditdisability insurance shall, subject to acceptance by the insurer, commence onthe date when the debtor becomes obligated to the creditor; except that where agroup policy provides coverage with respect to existing obligations, theinsurance on a debtor with respect to the indebtedness shall commence on theeffective date of the policy.  Where evidence of insurability is required andthe evidence is furnished more than thirty days after the date when the debtorbecomes obligated to the creditor, the term of the insurance may commence onthe date on which the insurer determines the evidence to be satisfactory, andin such event, there shall be an appropriate refund or adjustment of any chargeto the debtor for insurance.  The term of such insurance shall not extend morethan fifteen days beyond the scheduled maturity date of the indebtedness exceptwhen extended without additional cost to the debtor.  If the indebtedness isdischarged due to renewal or refinancing prior to the scheduled maturity date,the insurance in force shall be terminated before any new insurance may beissued in connection with the renewed or refinanced indebtedness.  In all casesof termination prior to scheduled maturity, a refund shall be paid or creditedas provided in section 431:10B-109. [L 1987, c 347, pt of §2]