As used in this article, unless the context otherwise requires:
"Commissioner" means the commissioner of insurance of Colorado.
"Credit insurance" means insurance on a debtor to provide indemnity for payments orloan 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.
(Deleted by amendment, L. 92, p. 1569, § 83, effective May 20, 1992.)
"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.
"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.
"Indebtedness" means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction.
"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.
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.