Made available by
Touch N' Go Systems, Inc., and the
Law Offices of James B. Gottstein.
You can also go to The Alaska Legal Resource Center or search the entire website search.
(a) The prima facie rates for credit life insurance with standard coverage written on the insured portion of a debt are as follows:
(1) if the premium is payable on a monthly outstanding balance basis, $.57 per month per $1,000 of outstanding insured net debt on single life and $.88 per month per $1,000 of outstanding insured net debt on joint life;
(2) if the premium is payable on a single premium basis, the rate must be computed according to the following formula or according to a formula approved by the director that produces rates substantially the same as those produced by the following formula:
CLICK TO VIEW FORMULA
where Sn is the single premium per $100 of initial outstanding insured net debt, Op is the prima facie credit life insurance premium rate for monthly outstanding balance coverage that is not written on an open-end credit basis under (1) of this subsection, n is the number of months in the term of the insurance, i is the monthly loan interest rate, and an is an annuity with term n at interest rate i.
(b) The rates must be adjusted to be actuarially consistent with the rates in (a) of this section if
(1) rates are applied to or benefits are for an amount other than the outstanding insured net debt;
(2) benefits are not those described in 3 AAC 28.335 for standard coverage; or
(3) benefits are for a term that differs from the term of the loan.
History: Eff. 3/29/81, Register 77; am 6/6/93, Register 126; am 7/2/2001, Register 158; am 7/4/2001, Register 158
Authority: AS 21.06.090
Note to HTML Version:
The Alaska Administrative Code was automatically converted to HTML from a plain text format. Every effort has been made to ensure its accuracy, but neither Touch N' Go Systems nor the Law Offices of James B. Gottstein can be held responsible for any possible errors. This version of the Alaska Administrative Code is current through June, 2006.
If it is critical that the precise terms of the Alaska Administrative Code be known, it is recommended that more formal sources be consulted. Recent editions of the Alaska Administrative Journal may be obtained from the Alaska Lieutenant Governor's Office on the world wide web. If any errors are found, please e-mail Touch N' Go systems at E-mail. We hope you find this information useful. Copyright 2006. Touch N' Go Systems, Inc. All Rights Reserved.
Last modified 7/05/2006