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§ 13-101. Definitions

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 13. Credit Life, Health, and Involuntary Unemployment Benefit Insurance (Refs & Annos)
MD Code, Insurance, § 13-101
§ 13-101. Definitions
In general
(a) In this title the following words have the meanings indicated.
Credit health insurance
(b) “Credit health insurance” means insurance on a debtor that provides indemnity for payments that are due on a specific loan or other credit transaction while the debtor is disabled as defined by the policy.
Credit involuntary unemployment benefit insurance
(c) “Credit involuntary unemployment benefit insurance” means insurance on a debtor that provides indemnity for payments that are due on a specific loan or other credit transaction while the debtor is involuntarily unemployed as defined by the policy.
Credit life insurance
(d) “Credit life insurance” means insurance on the life of a debtor in connection with a specific loan or other credit transaction.
Creditor
(e) “Creditor” means:
(1) a lender of money or vendor or lessor of goods, services, or property rights or privileges for which payment is arranged through a credit transaction;
(2) a successor to the right, title, or interest of the lender, vendor, or lessor;
(3) an affiliate, associate, subsidiary, director, officer, or employee of the lender, vendor, or lessor; or
(4) any other person in any way associated with the lender, vendor, or lessor.
Debtor
(f)(1) “Debtor” means a borrower of money or purchaser or lessee of goods, services, or property rights or privileges for which payment is arranged through a credit transaction.
(2) “Debtor” includes the husband or wife or both, as specified in the certificate of insurance, if the husband and wife are jointly liable under a contract of indebtedness.
Indebtedness
(g) “Indebtedness” means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 436C.
MD Code, Insurance, § 13-101, MD INSURANCE § 13-101
Current through legislation effective through May 9, 2024, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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