§431:10B-106  Term of credit life and credit
disability insurance.  The term of any credit life insurance or credit
disability insurance shall, subject to acceptance by the insurer, commence on
the date when the debtor becomes obligated to the creditor; except that where a
group policy provides coverage with respect to existing obligations, the
insurance on a debtor with respect to the indebtedness shall commence on the
effective date of the policy.  Where evidence of insurability is required and
the evidence is furnished more than thirty days after the date when the debtor
becomes obligated to the creditor, the term of the insurance may commence on
the date on which the insurer determines the evidence to be satisfactory, and
in such event, there shall be an appropriate refund or adjustment of any charge
to the debtor for insurance.  The term of such 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 section 431:10B-109. [L 1987, c 347, pt of §2]