Section 483 Exclusion of credit union group life policies

This Chapter does not apply to a credit union group life policy.

In this section “credit union group life policy” means a group life policy with the sole object of providing, on the death or disability of any of the individuals insured under it, a sum substantially the same as any amount then outstanding under a loan made to that individual by a credit union.

In this section “credit union” means a society registered as a credit union under—