N.Y. Personal Property Law 419 – Refund credit on cancellation of credit related insurance or prepayment of contract
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§ 419. Refund credit on cancellation of credit related insurance or prepayment of contract. The provisions of this article requiring refunds and refund credits with respect to group credit life insurance in cases of cancellation of group credit life insurance or of prepayment of a retail instalment contract or obligation shall also require refunds and refund credits with respect to credit unemployment insurance, group credit accident, group credit health or group credit accident and health insurance in cases of cancellation of such insurance or of prepayment of a retail instalment contract or obligation which included such insurance.
Terms Used In N.Y. Personal Property Law 419
- Contract: A legal written agreement that becomes binding when signed.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.