§ 10-10-103 — Definitions

As used in this article, unless the context otherwise
requires:

(1) Commissioner means the commissioner of insurance of Colorado.

(2) Credit insurance means insurance on a debtor to provide indemnity for
payments or loan balance, or any combination thereof, becoming due on a specific
loan or other credit transaction upon the occurrence of a contingency for which
insurance is obtained.

(3) (Deleted by amendment, L. 92, p. 1569, � 83, effective May 20, 1992.)

(4) Creditor means 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.

(5) Debtor means 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.

(6) Indebtedness means the total amount payable by a debtor to a creditor
in connection with a loan or other credit transaction.

(7) Truncated coverage means credit insurance that provides a term of
insurance coverage for a period that is shorter than the full term of the
indebtedness remaining at the time the insurance coverage is elected. The term
does not include credit insurance coverage that terminates on attainment of a
specific age.

Legislative History

Source: L. 69: p. 536, � 4. C.R.S. 1963: � 72-28-4. L. 92: (2) and (3) amended, p. 1569, � 83, effective May 20. L. 2000: (7) added, p. 151, � 1, effective August 2.