A consumer has the right to expect truth in advertising as the guiding principle in all credit insurance and debt protection product promotional or sales materials.

A consumer has the right to receive a certificate or policy or insurance or other evidence of debt protection product election, which includes a description of the product benefits, conditions and exclusions and disclosure of the premium rate or fee charge.

A consumer has the right to no less than a 10-day “free look” during which the credit insurance or other debt protection product election may be cancelled at no cost.

A consumer has the right to know when the election of credit insurance or other debt protection product is optional and is not required as a condition to obtain a loan.

A consumer, when required to purchase insurance in connection with a loan, has the right to purchase the insurance from the insurance company of his or her choice.

A consumer has the right to expect as a general business practice a good faith effort of prompt and fair settlement of claims submitted in which liability has become reasonably clear.

Adopted January 28, 1994; Amended November 10, 2004