Alaska § 06.20.287 - Insurance on open-end loans.
Full text of Alaska Alaska Statutes § 06.20.287 — Insurance on open-end loans., with citation guidance and answers to common questions.
§ 06.20.287. Insurance on open-end loans.
(a) A licensee may obtain consumer credit, credit loss of income, and property insurance on open-end loans under this chapter. The consumer credit insurance obtained by a licensee shall satisfy the requirements of AS 21.57 . The property insurance obtained by a licensee shall satisfy the requirements of AS 21.39 and AS 21.42 . The licensee shall comply with AS 21.36.160 and 21.36.319 during all transactions with borrowers involving consumer credit, credit loss of income, and property insurance.
(b) The licensee shall calculate the charge for credit life, credit loss of income, or disability insurance in each billing cycle by adding to the unpaid balance in the borrower's account the current monthly premium rate for the coverage required at the rate set under AS 21.57 , using the method specified in the loan agreement for determining the unpaid balance.
(c) A licensee may not cancel credit life, credit loss of income, or disability insurance obtained for an open-end loan if the borrower is delinquent in paying the monthly installments unless an installment is delinquent for 90 days or longer. The licensee shall advance to the insurer amounts necessary to keep the policy in force until the 90-day delinquency period has elapsed, and the borrower's account may be charged for the amounts advanced to the insurer.
Source: official Alaska text · Last verified 2026-08-27
Frequently Asked Questions About Alaska § 06.20.287
What does Alaska Statutes § 06.20.287 cover?
Section 06.20.287 ("Insurance on open-end loans.") is part of the Alaska Statutes, the codified statutory law of Alaska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alaska § 06.20.287?
A common citation format is "Alaska Statutes § 06.20.287" (Alaska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alaska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alaska official source linked on this page or consult a licensed Alaska attorney.
How does Alaska § 06.20.287 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alaska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alaska.