When credit life insurance or credit accident and health insurance is required as additional security for an 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 of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this state.
Ohio Rev. Code Ann. § 3918.11
Debtor has option of furnishing additional security through existing policies
Applied in 1 court decision — leading case 55 F. Supp. 2d 799 - Association of Banks in Ins., Inc. v. Duryee (1999)
Most recently applied in 55 F. Supp. 2d 799 - Association of Banks in Ins., Inc. v. Duryee (June 1999)
Effective: January 1, 1960; Latest Legislation: House Bill 1058 - 103rd General Assembly
Official source: Ohio Laws & Administrative Rules (Legislative Service Commission). Reproduced from public-domain Ohio statutes; confirm against the official source for the current text. Not legal advice.