Section 424.201. Definition “consumer credit insurance".

  “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 customers of the creditor;

(2)  Insurance indemnifying the creditor against loss due to the customer's default; or

(3)  With respect to a motor vehicle consumer lease, a lessor's waiver of its contractual right to hold the lessee liable for any or all of the gap amount, as defined in s. 429.104 (12) , if the waiver is granted without a separate charge.

1971 c. 239 ; 1973 c. 3 ; 1985 a. 256 ; 1995 a. 329 .