Vt. Stat. Ann. tit. 9, § 48
Excess insurance, proceeds
Redline — July 1, 2021 → current.View current text →
Current — June 1, 2022
As of July 1, 2021
If a loan is paid before its due date as the result of the death of a borrower insured under a creditor life insurance policy and the insurance proceeds exceed the amount owing on the loan with interest, the excess shall be refunded to a beneficiary designated by the borrower, or to the estate of the insured, or applied in reduction of the debt.
If a loan is paid before its due date as the result of the death of a borrower insured under a creditor life insurance policy and the insurance proceeds exceed the amount owing on the loan with interest, the excess shall be refunded to a beneficiary designated by the borrower, or to the estate of the insured, or applied in reduction of the debt.
Added 1967, No. 377 (Adj. Sess.), eff. March 26, 1968.
Cross References
Official source: Vermont General Assembly. Reproduced from public-domain Vermont statutes; confirm against the official source for the current text. Not legal advice.