Terms Used In Vermont Statutes Title 8 Sec. 4104

  • 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
  • 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
  • following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
  • insurance: means an agreement to indemnify or otherwise assume an obligation, provide services or any other thing of value on the happening of a particular event or contingency, or to provide indemnity for loss with respect to a specified subject by specified circumstances in return for a consideration. See

§ 4104. Forms and plans

Credit life insurance and credit accident and health insurance shall be issued only in the following forms:

(1) individual policies of life insurance issued to debtors on the term plan;

(2) individual policies of accident and health insurance issued to debtors on a term plan or disability benefit provisions in individual policies of credit life insurance;

(3) group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan;

(4) group policies of accident and health insurance issued to creditors on a term plan insuring debtors or disability benefit provisions in group credit life insurance policies to provide such coverage. (Added 1959, No. 221, § 3.)