.25 Benefits.

A. When a debtor has filed in accordance with the policy provisions a claim for benefits for which the insurer is liable under a credit health insurance policy, the insurer shall pay any late charges accruing on the amount payable under the claim after the date the claim has been filed.

B. The amount of the claim payable under a credit life insurance policy shall be determined as of the date of death of the debtor or in the case of benefits described in Regulation .14 of this chapter, as of the date of the loss.

C. For purposes of these regulations a claim shall be deemed to be filed if it is transmitted to the creditor, to the insurer, or to an agent of the insurer.

D. The benefit at death under a policy of net payoff credit life insurance shall include earned but unpaid interest to date of death and any past-due installments of principal and late charges.

E. An amount due under a credit life or credit health insurance policy in excess of the amount due to the creditor shall be paid by the insurer directly to the debtor, the designated second beneficiary, or the estate of the debtor, whichever is entitled to the payment. If the insurer does not have the address of the person entitled to the excess amount, the insurer shall send a check payable to that person to the creditor for transmittal.

F. Claims shall be paid either by a check of the insurer or by a draft drawn upon the insurer. The creditor may not be authorized to settle or adjust claims or to act as a claim representative for the insurer.