Sec. 103. In this article, “consumer 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:

(1) 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

(2) insurance indemnifying the creditor against loss due to the debtor’s default.

Formerly: Acts 1971, P.L.366, SEC.5. As amended by P.L.153-1986, SEC.2.