As used in the Uniform Consumer Credit Code, 'consumer credit insurance' means insurance, other than insurance on property as provided for in Section 4-301 of this title, by which the satisfaction of debt in whole or in part is a benefit provided, but does not include: (a)insurance provided in relation to a credit transaction in which a payment is scheduled more than fifteen (15) years after the extension of credit; or(b)insurance issued as an isolated transaction of the insurer not related to an agreement or plan for insuring debtors of the creditor; or(c)insurance indemnifying the creditor against loss due to the debtor's default.Added by Laws 1969, c. 352, § 4-103, eff. July 1, 1969. Amended by Laws 1984, c. 41, § 1, eff. Nov. 1, 1984.
Oklahoma Legal Code