Carleton, Inc.
Consumer Lending Software

Compliance Alert   September 15, 2016 (Rev. 11/7/16)

OHIO

The Ohio Department of Insurance has issued a memorandum revising prima facie credit insurance rates effective January 1, 2017.  Credit Life rates decrease 7.0% and credit A&H decrease 15.7%. 

 Credit Life Rates

 Single Premium Decreasing Term Life

Single Decreasing Life Coverage                   $  .41/$100/ @ 12 Months

Single Level Life Coverage                            $  .75/$100/ @ 12 Months

Joint Decreasing Life Coverage                     $  .71/$100/ @ 12 Months

Joint Level Life Coverage                              $1.31/$100/ @ 12 Months

 Outstanding Balance Life

Single Life Coverage              $  .627 per month per $1,000 of coverage

Joint Life Coverage                $1.097per month per $1,000 of coverage

 Joint life rates are 175% of corresponding single life rates.

 

Credit A&H Rates (OH)

 

                                    Prima Facie A&H Rates

                        Per $100 of Initial Insured Indebtedness

 

                        14 Day                                    30 Day

Mos.    Retro              Elim                Retro              Elim

 

12         1.32               1.15                  .99                  .70    

24         1.66               1.48                 1.21                   .99

36          1.90               1.73                 1.36                 1.15                                        

48         2.09               1.93                 1.48             1.25                

60          2.27               2.09                 1.58                 1.36

72          2.44               2.25                 1.66                 1.45

84          2.58               2.39                 1.75                 1.53                

96          2.72               2.55                 1.83                 1.60

108       2.85               2.67                 1.90                 1.69

120        2.98               2.78                 1.97                 1.75

Posted on Sep 15, 2016