“Credit accident and health insurance” means insurance on a debtor to provide indemnity for payments coming due on a specific loan or other credit transaction while the debtor has a disability.
Terms Used In Utah Code 31A-22-802
Credit transaction: means any transaction under which the payment for money loaned or for goods, services, or properties sold or leased is to be made on future dates. See Utah Code 31A-22-802
Creditor: means the lender of money or the vendor or lessor of goods, services, or property, for which payment is arranged through a credit transaction, or any successor to the right, title, or interest of any lender or vendor. See Utah Code 31A-22-802
Debtor: means a borrower of money or a purchaser, including a lessee under a lease intended as security, of goods, services, or property, for which payment is arranged through a credit transaction. See Utah Code 31A-22-802
Disability: means a physiological or psychological condition that partially or totally limits an individual's ability to:
(a)
perform the duties of:
(i)
that individual's occupation; or
(ii)
an occupation for which the individual is reasonably suited by education, training, or experience; or
(b)
perform two or more of the following basic activities of daily living:
Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
Indebtedness: means the total amount payable by a debtor to a creditor in connection with a credit transaction, including principal finance charges and interest. See Utah Code 31A-22-802
Indemnity: means the payment of an amount to offset all or part of an insured loss. See Utah Code 31A-1-301
Insurance: includes :
(i)
a risk distributing arrangement providing for compensation or replacement for damages or loss through the provision of a service or a benefit in kind;
(ii)
a contract of guaranty or suretyship entered into by the guarantor or surety as a business and not as merely incidental to a business transaction; and
(iii)
a plan in which the risk does not rest upon the person who makes an arrangement, but with a class of persons who have agreed to share the risk. See Utah Code 31A-1-301
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Life insurance: means :
(i)
insurance on a human life; and
(ii)
insurance pertaining to or connected with human life. See Utah Code 31A-1-301
certificate of interest or participation in a profit-sharing agreement;
(vii)
collateral-trust certificate;
(viii)
preorganization certificate or subscription;
(ix)
transferable share;
(x)
investment contract;
(xi)
voting trust certificate;
(xii)
certificate of deposit for a security;
(xiii)
certificate of interest of participation in an oil, gas, or mining title or lease or in payments out of production under such a title or lease;
(xiv)
commodity contract or commodity option;
(xv)
certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any of the items listed in Subsections (171)(a)(i) through (xiv); or
(xvi)
another interest or instrument commonly known as a security. See Utah Code 31A-1-301
(2)
“Credit life insurance” means life insurance on the life of a debtor in connection with a specific loan or credit transaction.
(3)
“Credit transaction” means any transaction under which the payment for money loaned or for goods, services, or properties sold or leased is to be made on future dates.
(4)
“Creditor” means the lender of money or the vendor or lessor of goods, services, or property, for which payment is arranged through a credit transaction, or any successor to the right, title, or interest of any lender or vendor.
(5)
“Debtor” means a borrower of money or a purchaser, including a lessee under a lease intended as security, of goods, services, or property, for which payment is arranged through a credit transaction.
(6)
“Indebtedness” means the total amount payable by a debtor to a creditor in connection with a credit transaction, including principal finance charges and interest.
(7)
“Net indebtedness” means the total amount required to liquidate the indebtedness, exclusive of any unearned interest, any insurance on the monthly outstanding balance coverage, or any finance charge.
(8)
“Net written premiums” means gross written premiums minus refunds on termination.
