16a-4-103.   (UCCC) Definition: "Consumer credit insurance."In this act "consumer credit insurance" means insurance, other thaninsurance on property, by which the satisfaction of debt in whole or inpart is a benefit provided, but does not include:

      (a)   Insurance provided in relation to a credit transaction in whicha payment is scheduled more than 15 years after the extension ofcredit;

      (b)   insurance issued as an isolated transaction on the part of theinsurer not related to an agreement or plan for insuring consumers ofthe creditor; or

      (c)   insurance indemnifying the creditor against loss due to theconsumer's default.

      History:   L. 1973, ch. 85, § 63; L. 1982, ch. 95, § 1; July 1.