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(a) Whenever a loan is paid in full or renewed before maturity (except by insurance), the licensee shall cancel existing life insurance and refund all unearned premiums.
(b) When a loan is paid in full or renewed before the first scheduled due date, the insurance is considered to have been in force for one full month unless paid or renewed the day the loan is made.
(c) In computing unearned premiums on or after the first scheduled due date, the number of months elapsed is the number of expired due dates plus the next due date if prepayment in full or renewal occurs eight days or more after a scheduled due date.
History: Eff. 6/30/77, Register 62
Authority: AS 06.20.260
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Last modified 7/05/2006