§ 13-101
261 words·~1 min read·
/md/insurance/13-101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§13–101.
(a)In this title the following words have the meanings indicated.
(b)“Credit health insurance” means insurance on a debtor that provides indemnity for payments that are due on a specific loan or other credit transaction while the debtor is disabled as defined by the policy.
(c)“Credit involuntary unemployment benefit insurance” means insurance on a debtor that provides indemnity for payments that are due on a specific loan or other credit transaction while the debtor is involuntarily unemployed as defined by the policy.
(d)“Credit life insurance” means insurance on the life of a debtor in connection with a specific loan or other credit transaction.
(e)“Creditor” means:
(1)a lender of money or vendor or lessor of goods, services, or property rights or privileges for which payment is arranged through a credit transaction;
(2)a successor to the right, title, or interest of the lender, vendor, or lessor;
(3)an affiliate, associate, subsidiary, director, officer, or employee of the lender, vendor, or lessor; or
(4)any other person in any way associated with the lender, vendor, or lessor.
(1)“Debtor” means a borrower of money or purchaser or lessee of goods, services, or property rights or privileges for which payment is arranged through a credit transaction.
(2)“Debtor” includes the husband or wife or both, as specified in the certificate of insurance, if the husband and wife are jointly liable under a contract of indebtedness.
(g)“Indebtedness” means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction.