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Appendix B - Credit Life Insurance Presumptive Rates

Return to Order No. 00-0214

Credit Life Insurance Presumptive Rates
Plan Plan Description * Rate Rate Explanation
1 Single Premium, Reducing Coverage, Single Life * $0.300 per year per $100 initial insured indebtedness
2 Single Premium, Level Coverage, Single Life * $0.576 per year per $100 insured indebtedness
3 Outstanding Balance, Revolving Loan, Single Life   $0.480 per month per $1000 outstanding insured indebtedness
4 Outstanding Balance, Other, Single Life   $0.480 per month per $1000 outstanding insured indebtedness
5 Single Premium, Reducing Coverage, Joint Life * $0.450 per year per $100 initial insured indebtedness
6 Single Premium, Level Coverage, Joint Life * $0.864 per year per $100 insured indebtedness
7 Outstanding Balance, Revolving Loan, Joint Life   $0.720 per month per $1000 outstanding insured indebtedness
8 Outstanding Balance, Other, Joint Life   $0.720 per month per $1000 outstanding insured indebtedness

* Single premium rates for plans 1, 2, 5, and 6 must be multiplied by the discount factor which is restated as follows:

Discount Factor = Formula for Discount Factor

Where n = The term of the insurance coverage in months

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Last updated: 8/21/2015