"Commission" means the State Corporation Commission.
"Creditor" means the lender of money or vendor or lessor of goods,services, or property, rights or privileges, for which payment is arrangedthrough a credit transaction, or any successor to the right, title orinterest of any such lender, vendor, or lessor and an affiliate, associate orsubsidiary of any of them or any other person in any way associated with them.
"Credit transaction" means any transaction by the terms of which therepayment of money loaned or loan commitment made, or payment for goods,services or properties sold or leased is to be made at a future date or dates.
"Critical period coverage" means a death benefit or an accident andsickness insurance benefit in which the benefit is equal to a specifiednumber of monthly payments or the remaining payments on the loan, whicheveris less.
"Debtor" means a borrower of money or a purchaser or lessee of goods,services, property, rights or privileges for which payment is arrangedthrough a credit transaction.
"Form" means any policy, contract, rider, endorsement, amendment,certificate, application, enrollment request, or notice of proposed insurancepertaining to credit life insurance or credit accident and sicknessinsurance. For the purpose of administering §§ 38.2-3726, 38.2-3727 and38.2-3730, (i) the earned premiums and incurred claims of all credit accidentand sickness insurance forms issued in this Commonwealth with the samewaiting period will be combined to determine the loss ratio in thisCommonwealth regardless of differences in the contractual terms of each formand, (ii) the earned premiums and incurred claims of all credit lifeinsurance forms issued in this Commonwealth will be combined to determine theloss ratio in this Commonwealth regardless of differences in the contractualterms or coverage types.
"Indebtedness" means the total amount payable by a debtor to a creditor inconnection with a loan or other credit transaction.
"Open-end credit" means credit extended under an agreement in which:
1. The creditor reasonably contemplates repeated transactions;
2. The creditor imposes a finance charge from time to time on an outstandingunpaid balance; and
3. The amount of credit that may be extended to the debtor during the term ofthe agreement (up to any limit set by the creditor) is generally madeavailable to the extent that any outstanding balance is repaid.
"Truncated coverage" means a credit life insurance benefit or a creditaccident and sickness insurance benefit with a term of insurance coveragethat is less than the term of the loan.
(1960, c. 67, § 38.1-482.2; 1982, c. 223, § 38.2-3701; 1986, c. 562; 1992, c.586.)
"Commission" means the State Corporation Commission.
"Creditor" means the lender of money or vendor or lessor of goods,services, or property, rights or privileges, for which payment is arrangedthrough a credit transaction, or any successor to the right, title orinterest of any such lender, vendor, or lessor and an affiliate, associate orsubsidiary of any of them or any other person in any way associated with them.
"Credit transaction" means any transaction by the terms of which therepayment of money loaned or loan commitment made, or payment for goods,services or properties sold or leased is to be made at a future date or dates.
"Critical period coverage" means a death benefit or an accident andsickness insurance benefit in which the benefit is equal to a specifiednumber of monthly payments or the remaining payments on the loan, whicheveris less.
"Debtor" means a borrower of money or a purchaser or lessee of goods,services, property, rights or privileges for which payment is arrangedthrough a credit transaction.
"Form" means any policy, contract, rider, endorsement, amendment,certificate, application, enrollment request, or notice of proposed insurancepertaining to credit life insurance or credit accident and sicknessinsurance. For the purpose of administering §§ 38.2-3726, 38.2-3727 and38.2-3730, (i) the earned premiums and incurred claims of all credit accidentand sickness insurance forms issued in this Commonwealth with the samewaiting period will be combined to determine the loss ratio in thisCommonwealth regardless of differences in the contractual terms of each formand, (ii) the earned premiums and incurred claims of all credit lifeinsurance forms issued in this Commonwealth will be combined to determine theloss ratio in this Commonwealth regardless of differences in the contractualterms or coverage types.
"Indebtedness" means the total amount payable by a debtor to a creditor inconnection with a loan or other credit transaction.
"Open-end credit" means credit extended under an agreement in which:
1. The creditor reasonably contemplates repeated transactions;
2. The creditor imposes a finance charge from time to time on an outstandingunpaid balance; and
3. The amount of credit that may be extended to the debtor during the term ofthe agreement (up to any limit set by the creditor) is generally madeavailable to the extent that any outstanding balance is repaid.
"Truncated coverage" means a credit life insurance benefit or a creditaccident and sickness insurance benefit with a term of insurance coveragethat is less than the term of the loan.
(1960, c. 67, § 38.1-482.2; 1982, c. 223, § 38.2-3701; 1986, c. 562; 1992, c.586.)
"Commission" means the State Corporation Commission.
"Creditor" means the lender of money or vendor or lessor of goods,services, or property, rights or privileges, for which payment is arrangedthrough a credit transaction, or any successor to the right, title orinterest of any such lender, vendor, or lessor and an affiliate, associate orsubsidiary of any of them or any other person in any way associated with them.
"Credit transaction" means any transaction by the terms of which therepayment of money loaned or loan commitment made, or payment for goods,services or properties sold or leased is to be made at a future date or dates.
"Critical period coverage" means a death benefit or an accident andsickness insurance benefit in which the benefit is equal to a specifiednumber of monthly payments or the remaining payments on the loan, whicheveris less.
"Debtor" means a borrower of money or a purchaser or lessee of goods,services, property, rights or privileges for which payment is arrangedthrough a credit transaction.
"Form" means any policy, contract, rider, endorsement, amendment,certificate, application, enrollment request, or notice of proposed insurancepertaining to credit life insurance or credit accident and sicknessinsurance. For the purpose of administering §§ 38.2-3726, 38.2-3727 and38.2-3730, (i) the earned premiums and incurred claims of all credit accidentand sickness insurance forms issued in this Commonwealth with the samewaiting period will be combined to determine the loss ratio in thisCommonwealth regardless of differences in the contractual terms of each formand, (ii) the earned premiums and incurred claims of all credit lifeinsurance forms issued in this Commonwealth will be combined to determine theloss ratio in this Commonwealth regardless of differences in the contractualterms or coverage types.
"Indebtedness" means the total amount payable by a debtor to a creditor inconnection with a loan or other credit transaction.
"Open-end credit" means credit extended under an agreement in which:
1. The creditor reasonably contemplates repeated transactions;
2. The creditor imposes a finance charge from time to time on an outstandingunpaid balance; and
3. The amount of credit that may be extended to the debtor during the term ofthe agreement (up to any limit set by the creditor) is generally madeavailable to the extent that any outstanding balance is repaid.
"Truncated coverage" means a credit life insurance benefit or a creditaccident and sickness insurance benefit with a term of insurance coveragethat is less than the term of the loan.
(1960, c. 67, § 38.1-482.2; 1982, c. 223, § 38.2-3701; 1986, c. 562; 1992, c.586.)
