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Reply To: Credit Insurance for Life, Disability, or Unemployment

#34568
jholzknecht
Keymaster

Single premium credit insurance has a few restrictions under federal laws, and some states prohibit the product. While it is not generally prohibited, it is considered to be a higher risk product. The sale of the product is not automatically considered an UDAAP practice, but it is higher risk. That is the point made in the risk assessment and the point I was making in the CMG session – it is not generally prohibited, but it is higher risk.