The initial amount of credit life insurance under an individual policy shall not exceed the total amount repayable under the contract of indebtedness. Where an indebtedness is repayable in substantially equal installments, the amount of insurance shall at no time exceed the scheduled or actual amount of unpaid indebtedness, whichever is greater.
RCW 48.34.050
Life—Limitation on amount under individual policy.
Applied in 3 court decisions — leading case 87 Wash. 2d 298 - State v. Ralph Williams' North West Chrysler Plymouth, Inc. (1976)
Most recently applied in Abbott v. CUNA MUTUAL INS. SOC. (September 2000)
1961 c 219 s 5.
Official source: Washington State Legislature. Reproduced from public-domain Washington statutes; confirm against the official source for the current text. Not legal advice.