44-1702 Terms, defined.

NE Code § 44-1702 (2019) (N/A)

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44-1702. Terms, defined.

As used in sections 44-1701 to 44-1713, unless the context otherwise requires:

(1) Credit life insurance shall mean insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction;

(2) Credit accident and health insurance means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy;

(3) Creditor shall mean the lender of money or vendor or lessor of goods, services, property, rights or privileges, for which payment is arranged through a credit transaction or any successor to the right, title or interest of any such lender, vendor or lessor, and an affiliate, associate or subsidiary of any of them or any director, officer or employee of any of them or any other person in any way associated with any of them;

(4) Debtor shall mean a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction;

(5) Indebtedness shall mean the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction; and

(6) Director shall mean the Director of the Department of Insurance of Nebraska.

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44-1703 Insurance sold with credit transaction; applicability of law; exceptions.