§ 20-103 — Definition of insurance; exceptions

A. For the purposes of this title, except as otherwise provided, "insurance" is a contract by which one undertakes to indemnify another or to pay a specified amount on determinable contingencies.

B. Private ambulance service contracts or private fire protection service contracts are not insurance, and this title does not apply to those contracts.

C. Charitable gift annuities that are issued pursuant to section 20-119 are not insurance and, except as provided in section 20-119, this title does not apply to agreements for those annuities.

D. Collision damage waivers are not insurance, and this title does not apply to those waivers.

E. Direct primary care agreements as defined in section 44-1799.91 are not insurance, and this title does not apply to those agreements.

F. Guaranteed asset protection waivers are not insurance, and this title does not apply to those waivers. For the purposes of this subsection, "guaranteed asset protection waiver" means a contractual agreement that is a part of or an addendum to a borrower's finance agreement wherein a creditor agrees for a separate charge to cancel or waive all or part of the amount due on the borrower's finance agreement in the event of a total physical damage loss or unrecovered theft of a motor vehicle.