TITLE 28

COMMERCIAL TRANSACTIONS

CHAPTER 44

INSURANCE

PART 1.

INSURANCE IN GENERAL

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.]