28-44-103. CREDIT INSURANCE — CREDIT INSURANCE ACT — DEFINED. (1) In this act, "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 fifteen (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 debtors of the creditor; or
(c) Insurance indemnifying the creditor against loss due to the debtor’s default.
(2) "Credit Insurance Act" means chapter 23, title 41, Idaho Code.
History:
[28-44-103, added 1983, ch. 119, sec. 3, p. 288.]
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