When credit life insurance or credit disability insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or her or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state.
Ark. Code Ann. § 23-87-116
Debtor's choice of insurer as additional security
Known as the Model Act
The act spans §§ 23–23 (19 sections).
Acts 1959, No. 148, § 440; A.S.A. 1947, § 66-3814.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.