# The Consumer Credit (Quotations) Regulations 1989, Paragraph 17: Credit repayable by proceeds of life insurance contracts


(1) Where repayment of credit is to be made wholly or partly by money payable under a contract of life insurance which is a linked transaction in relation to the agreement under which the credit is provided, a statement of–
(a) the period for which insurance is to run;
(b) the amount (“the minimum sum assured”) of the money payable under the policy on the date of its expiry otherwise than on death excluding the amount of any bonus which may be declared in favour of the policy holder;
(c) the minimum amount payable on death, if different from the minimum sum assured; and
(d) the frequency, and the number of premiums or period for which they are payable under the contract of insurance, and the amount of each premium or a statement indicating the manner in which the amount will be determined.
(2) In a case to which sub-paragraph (1) above applies, where the minimum sum assured is less than the amount of credit provided, a statement indicating that where the total proceeds of the policy including any accumulated bonuses are less than the amount of credit, the debtor is required to pay to the creditor from his own resources the amount by which these proceeds fall short of the amount of credit.

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Source: https://www.legislation.gov.uk/uksi/1989/1126/schedule/1/paragraph/17 (the official version)
Page: https://openlegislation.uk/consumer-credit-quotations-regulations-1989/schedule-1/paragraph-17
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.