ARSD 20:06:06:03.03. Joint credit life insurance rates

Where credit life insurance on a single indebtedness is provided on two lives, it shall mean insurance on spouse, family member or business partners only, where both are jointly and severally liable for the debt. The writing of insurance on more than two lives on the same indebtedness is prohibited. Decreasing or level joint credit life insurance shall be issued at a premium rate not to exceed the single life rate in § 20:06:06:03 multiplied by a factor of 1.5. Joint life rates shall be filed and approved by the director.