P.R. Laws tit. 26, § 1816
The following provisions shall apply exclusively to credit life insurance:
(1) The insured credit life insurance sum shall not be greater than the original debt.
(2) The credit life insurance coverage shall be subscribed so that the amount payable at the time of the death of the insured debtor shall not exceed the net debt at that time.
(3) The provisions of subsection (2) of this section notwithstanding, the insurer may underwrite, optionally, the credit life insurance coverage in such a manner that, in addition to the amount established in said subsection, three (3) months of payments pending at the time of the death of the insured may be covered, including interest and surcharges corresponding exclusively to said pending payments; Provided, That the debtor must choose the type of coverage he/she wishes to acquire in those cases whereby the creditor offers more than one type.
History —Ins. Code, added as § 18.050 on Jan. 9, 1999, No. 15, § 2; July 23, 1999, No. 161, § 1; Feb. 25, 2008, No. 19, § 2, eff. 90 days after Feb. 25, 2008.