Credit Insurance Rate Modification Effective Nov. 1, 2013 - Ohio ...

OHIO DEPARTMENT OF INSURANCEEFFECTIVE NOVEMBER 1, 2013Credit Disability Premium Rates per $100PlanTerm inMonths14-DayRetroactive14-DayElimination30-DayRetroactive30-DayEliminationTerm inMonths6 $1.22 $0.98 $0.84 $0.48 612 $1.57 $1.37 $1.18 $0.83 1218 $1.80 $1.59 $1.33 $1.05 1824 $1.97 $1.76 $1.44 $1.18 2430 $2.12 $1.92 $1.52 $1.27 3036 $2.25 $2.05 $1.61 $1.36 3642 $2.38 $2.17 $1.67 $1.43 4248 $2.48 $2.29 $1.75 $1.48 4854 $2.60 $2.39 $1.81 $1.55 5460 $2.69 $2.48 $1.87 $1.61 6066 $2.80 $2.59 $1.92 $1.66 6672 $2.90 $2.67 $1.97 $1.72 7278 $2.98 $2.77 $2.03 $1.75 7884 $3.06 $2.84 $2.08 $1.81 8490 $3.15 $2.93 $2.14 $1.87 9096 $3.23 $3.02 $2.17 $1.90 96102 $3.30 $3.09 $2.21 $1.94 102108 $3.38 $3.17 $2.25 $2.00 108114 $3.41 $3.24 $2.30 $2.03 114120 $3.53 $3.30 $2.34 $2.07 120Credit Life Premium RatesThe monthly outstanding balance rate is $0.674 per $1000 per month. The joint life rate is 175%of the single life rate or $1.179 per 1000 per month. Single premium rates for gross decreasingcoverage are obtained by the formula given in rule 3901-1-14 (C)(1) and are shown below forterms through 60 months. Net coverage using an appropriate formula and the aboveoutstanding balance rate is required for terms exceeding 60 months per Rule 3901-1-14(C)(1)(j)(ii).Term inMonths Single JointTerm inMonths6 $0.24 $0.41 612 $0.44 $0.77 1218 $0.64 $1.12 1824 $0.84 $1.47 2430 $1.04 $1.83 3036 $1.25 $2.18 3642 $1.45 $2.54 4248 $1.65 $2.89 4854 $1.85 $3.24 5460 $2.06 $3.60 60