California Insurance Code 1758.96 – A person licensed pursuant to this article may act as a credit …
A person licensed pursuant to this article may act as a credit insurance agent for an authorized insurer only with respect to the kinds of insurance specified in this section sold in connection with and incidental to a loan or other extension of credit other than a loan in excess of sixty thousand dollars ($60,000) relating to or secured by real property where the repayment period does not exceed 10 years. The sale of credit insurance products as specified in this section in excess of sixty thousand dollars ($60,000) relating to or secured by real property where any compensation, fee, or commission is paid dependent on the placement of credit insurance, requires a license to act as an insurance agent or life agent pursuant to Section 1621 or 1622.
(a) Credit life insurance.
Terms Used In California Insurance Code 1758.96
- Commissioner: means the Insurance Commissioner of this State. See California Insurance Code 20
- Credit insurance: includes credit life insurance, credit disability insurance, credit involuntary unemployment insurance, credit loss-of-income insurance, credit property insurance, or guaranteed asset protection (GAP) insurance. See California Insurance Code 1758.992
- credit loss-of-income insurance: means insurance issued to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is involuntarily unemployed, as defined in the policy. See California Insurance Code 1758.992
- Dependent: A person dependent for support upon another.
- insurance agent: as used in this chapter does not include a life agent as defined in this article. See California Insurance Code 1621
- license: includes a certificate of convenience and a permanent license, and the term "persons who are licensed" includes the holders of any such certificate or the license, but these definitions and the use of those terms in this chapter shall not confer upon a certificate of convenience or any holder thereof any property right in or to the certificate, the certificate being and remaining only a temporary permit, issued as a matter of convenience, allowing the transaction of insurance without a permanent license, but within the limits, and subject to the conditions of the certificate of convenience issued and the laws applicable thereto. See California Insurance Code 1627
- Person: means any person, association, organization, partnership, business trust, limited liability company, or corporation. See California Insurance Code 19
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) Credit disability insurance.
(c) Credit involuntary unemployment insurance or credit loss-of-income insurance.
(d) Credit property insurance.
(e) Guaranteed asset protection (GAP) insurance.
(f) Any other form of insurance declared by the commissioner to be subject to this section pursuant to subdivision (d) of Section 1758.992.
(Amended by Stats. 2011, Ch. 24, Sec. 1. (AB 125) Effective May 10, 2011.)