Terms Used In Vermont Statutes Title 8 Sec. 4112

  • 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
  • Creditor: means the lender of money or vendor or lessor of goods, services, property, right, or privileges, for which payment is arranged through a credit transaction or any successor to the right, title, or interest of any such lender, vendor, or lessor, and an affiliate, associate, or subsidiary of any of them or any director, officer, or employee of any of them or any other person in any way associated with any of them. See
  • 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
  • Indebtedness: means the total amount payable by a debtor to a creditor in connection with a loan or other transaction. See
  • State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See

§ 4112. Existing insurance; choice of insurer

When credit life insurance or credit accident and health insurance is required as additional security for any indebtedness, the debtor shall, upon request to the creditor, have the option of furnishing the required amount of insurance through existing policies of insurance owned or controlled by him or of procuring and furnishing the required coverage through any insurer authorized to transact an insurance business within this State. (Added 1959, No. 221, § 11.)