Mississippi § 83-53-7 - Limitations on amount of insurance.
Full text of Mississippi Mississippi Code of 1972 Annotated § 83-53-7 — Limitations on amount of insurance., with citation guidance and answers to common questions.
§ 83-53-7. Limitations on amount of insurance.
The initial amount of credit life insurance shall not exceed the total amount repayable under the contract of indebtedness. In the case of revolving loan or revolving charge accounts, the insurance shall not at any time exceed the unpaid indebtedness. Notwithstanding the provisions of the above paragraph, the amount of insurance on agricultural loan commitments may be equal to the amount of the loan commitment. The total amount of periodic indemnity payable by credit disability insurance, in the event of disability as defined in the policy, shall not exceed the aggregate of the periodic scheduled unpaid installments of indebtedness, and the amount of each periodic indemnity shall not exceed the total amount repayable divided by the number of periodic installments.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 83-53-7
What does Mississippi Code of 1972 Annotated § 83-53-7 cover?
Section 83-53-7 ("Limitations on amount of insurance.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. 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 Mississippi § 83-53-7?
A common citation format is "Mississippi Code of 1972 Annotated § 83-53-7" (Mississippi). 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 Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 83-53-7 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi 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 Mississippi.