OAR 274-045-0145
Loan Cancellation Life Insurance

(1)

The Director of the Oregon Department of Veterans’ Affairs (Director), prior to obtaining loan cancellation life insurance for any person who receives or assumes a loan or makes a contract with ODVA for the acquisition of a home, and the spouse or former spouse of that person, may enter into a contract with an insurance carrier which allows the carrier to:

(a)

Require an application for insurance;

(b)

Underwrite classes of prospective insureds on the basis of information, such as age and health status, contained in the application;

(c)

Set premium schedules commensurate with risk factors for other than service-connected disability;

(d)

Deny payment of benefits for suicide or certain pre-existing, nonservice-connected disability.

(2)

The Director will negotiate a contract with the insurance carrier as necessary to insure procurement and maintenance of adequate, solvent, and uninterrupted, long-term insurance coverage.

(3)

The insurance contract may provide that loan cancellation life insurance on a loan or contract for the acquisition of a home or farm will be canceled after payments on the loan or contract become four months delinquent. Accounts due monthly are considered four months delinquent when the cumulative delinquency equals four times the standard monthly payment.

(4)

The insurance contract may provide that insurance canceled for the above reason cannot be reinstated unless payments are brought current and a new application for insurance is submitted. The provisions of section (1) of this rule will apply to the newly submitted application.

Source: Rule 274-045-0145 — Loan Cancellation Life Insurance, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=274-045-0145.

274‑045‑0001
Definitions for OAR 274-045-0001 to 274-045-0481 274‑045‑0005
Purpose and Objectives 274‑045‑0010
Eligibility Requirements 274‑045‑0015
Authority to Protect the Security 274‑045‑0020
Who May Apply for Loan 274‑045‑0025
Evidence Required to Establish Eligibility 274‑045‑0030
Modification of Application 274‑045‑0035
Cancellation of Application 274‑045‑0040
Security for the Loan 274‑045‑0045
Legal Description of Property Offered as Security 274‑045‑0050
Appraisal of Property 274‑045‑0060
Terms of Loan 274‑045‑0070
Interest 274‑045‑0080
Approval of the Loan 274‑045‑0085
Loan Funding 274‑045‑0090
Grounds for Refusing to Make a Loan 274‑045‑0100
Evidence of Title 274‑045‑0110
Escrow Closing of Loans 274‑045‑0120
Transfer of Ownership 274‑045‑0125
Rental 274‑045‑0130
Modification of Mortgage 274‑045‑0140
Temporary Reduction of Payments 274‑045‑0145
Loan Cancellation Life Insurance 274‑045‑0150
Property Tax Amortization and Escrow Accounting 274‑045‑0160
Partial Release of Security 274‑045‑0170
Confidential Nature of Information Submitted by the Borrower 274‑045‑0180
Confidential Nature of Information Procured by the Director 274‑045‑0190
Disclosure of Information and Fees 274‑045‑0200
Director’s Decisions Control in All Controversies 274‑045‑0205
Review of Loan Determinations and Other Decisions 274‑045‑0220
Fees 274‑045‑0230
Approved Lenders 274‑045‑0240
Loan Requirements 274‑045‑0250
Reservation of Funds and Commitments 274‑045‑0260
Title Insurance 274‑045‑0270
Hazard Insurance 274‑045‑0280
Flood Insurance 274‑045‑0401
Purpose and Objectives 274‑045‑0411
Definitions 274‑045‑0421
Interest Rate 274‑045‑0431
Approval of Veterans’ Home Improvement Loans 274‑045‑0441
Terms and Requirements of Veterans’ Home Improvement Loans 274‑045‑0451
Appraisal of Property 274‑045‑0461
Transfer of Ownership 274‑045‑0471
Taxes, Hazard Insurance and Flood Insurance 274‑045‑0481
Title Insurance
Last Updated

Jun. 8, 2021

Rule 274-045-0145’s source at or​.us