16a-4-103

Chapter 16a.--CONSUMER CREDIT CODE

Part 1 INSURANCE IN GENERAL
Article 4.--INSURANCE

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

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

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

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

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