§ 27-8-4-2 — Citation; scope; definitions

(a) Citation and Scope:
(1) This chapter may be cited as the Model Act for the Regulation
of Credit Life Insurance and Credit Accident and Health
Insurance.
(2) All life insurance and all accident and health insurance of the
nature in this chapter defined in connection with loans or other
credit transactions shall be subject to the provisions of this
chapter, except such insurance issued in relation to an isolated
transaction on the part of the insurer not related to an agreement
or a plan for insuring debtors of the creditor.
(b) Definitions. For the purpose of this chapter:
(1) "Credit life insurance" means 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 funds for payments becoming due on a specific
loan or other credit transaction while the debtor is disabled as
defined in the policy.
(3) "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
any 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" 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. The term
includes the following:
(A) A joint debtor.
(B) A co-maker.
(C) An endorser.
(D) A guarantor.
(5) "Indebtedness" means the total amount payable by a debtor to
a creditor in connection with a loan or other credit transaction.
(6) "Commissioner" means insurance commissioner of Indiana.
(7) The term "accident and health insurance" has the same
meaning as "accident and sickness insurance" sometimes used in
other statutes relating to insurance against accident and sickness.
Formerly: Acts 1961, c.47, s.2. As amended by P.L.252-1985,
SEC.296; P.L.153-1986, SEC.4; P.L.132-1994, SEC.2.