Terms Used In Michigan Laws 550.608

• Credit accident and health insurance: means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy. See Michigan Laws 550.603
• Credit life insurance: means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction. See Michigan Laws 550.603
• 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. See Michigan Laws 550.603