The credit insurance agent must make all of the following disclosures, either with or as part of each individual policy or group certificate, or with a notice of proposed insurance, or, if the insurance is sold at the same time and place as the related credit transaction, in a statement acknowledged by the purchaser in writing on a separate form, electronically, digitally, or by tape recording:
- That the purchase of the kinds of insurance prescribed in this article is not required in order to secure the loan or an extension of credit.
- That the insurance coverage offered by the credit insurance agent may provide a duplication of coverage already provided by a purchaser's other personal insurance policies or by another source of coverage.
- That the endorsee is not qualified or authorized to evaluate the adequacy of the purchaser's existing coverages, unless the individual is licensed pursuant to Article 3 (commencing with Section 1631).
- That the customer may cancel the insurance at any time. If the customer cancels within 30 days from the delivery of the insurance policy, certificate, or notice of proposed insurance, the premium will be refunded in full. If the customer cancels at any time thereafter, any unearned premium will be refunded in accordance with applicable law.
*Section 1758.97(b) of the California Insurance Code.
- How Can I Get a License?
- Prohibited Acts
- Checklist for Application Filing Requirements
- Credit InsuranceQuestions and Answers
- Return to Credit Insurance Agent License Main Page
If you have any questions about the Credit Insurance Agent License information you are reviewing, please read the most commonly asked questions in our Credit Insurance Agent License Questions and Answers section. If you need further assistance, please call CDI's Producer Licensing Bureau at (800) 967-9331 or send an e-mail to Producer Licensing Bureau. Please be sure to include your name, telephone number, license number and e-mail address in all correspondence with the CDI.