Definition: "Consumer credit insurance".

  1. Law
  2. Oklahoma Statutes
  3. Consumer Credit Code
  4. Definition: "Consumer credit insurance".

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As used in the Uniform Consumer Credit Code, "consumer credit insurance" means insurance, other than insurance on property as provided for in Section 4-301 of this title, 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; or
  • (b)insurance issued as an isolated transaction 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.

Added by Laws 1969, c. 352, § 4-103, eff. July 1, 1969. Amended by Laws 1984, c. 41, § 1, eff. Nov. 1, 1984.


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