In this chapter,

1. (1) “agriculture credit transaction commitment” means a binding agreement to loan money up to a fixed amount as needed for agricultural purposes;
2. (2) “compensation” means commissions, dividends, retrospective rate credits, service fees, expense allowances or reimbursements, gifts, furnishing equipment, facilities, goods, or services, or any other form of remuneration resulting directly from the sale of consumer credit insurance;
3. (3) “consumer credit insurance” means credit life insurance, credit disability insurance, or credit unemployment insurance;
4. (4) “credit disability insurance” means insurance on a debtor to provide indemnity for payments or debt becoming due on a specific loan or other credit transaction while the debtor is disabled;
5. (5) “credit life insurance” means insurance on the life of a debtor under or in connection with all or a part of a specific loan or other credit transaction;
6. (6) “credit transaction” means a transaction by which the repayment for money loaned or a loan commitment made or payment for goods, services, or properties sold or leased is made at a future date;
7. (7) “credit unemployment insurance” means insurance on a debtor to provide indemnity for payments or debt becoming due on a specific loan or other credit transaction while the debtor is involuntarily unemployed;
8. (8) “creditor” means a person who lends money or who sells or leases goods, services, property, rights, or privileges, for which payment is arranged through a credit transaction, and includes a person who is a successor to the right, title, or interest of the lender, seller, or lessor;
9. (9) “debtor” means a person who borrows money, or purchases or leases goods, services, property, rights, or privileges for which payment is arranged through a credit transaction;
10. (10) “educational credit transaction commitment” means a binding agreement to loan money up to a fixed amount as needed for educational purposes;
11. (11) “gross debt” means the total of the remaining payments owed to the creditor by the debtor;
12. (12) “identifiable charge” means a charge for consumer credit insurance that is made to a debtor having the benefit of the insurance, including a charge for insurance that is disclosed in the consumer credit agreement or other instrument furnished to the debtor that sets out the financial elements of the credit transaction, and any difference in the finance, interest, service, or other similar charge made to a debtor in a like circumstance, except for their insured or noninsured status;
13. (13) “net debt” means the amount necessary to liquidate the remaining debt in a single lump sum payment, excluding all unearned finance charges;

14. (14) “open-end consumer credit” means consumer credit extended by a creditor under an agreement in which

    1. (A) the creditor reasonably contemplates repeated transactions;
    2. (B) the creditor imposes a periodic finance charge on an outstanding unpaid balance; and
    3. (C) the amount of consumer credit that may be extended to the debtor during the term of the agreement, up to any limit set by the creditor, is generally made available to the extent that any outstanding balance is repaid;
15. (15) “rule of anticipation” means a refund method that results in refunds equal to the premium cost of scheduled benefits subsequent to the date of cancellation or termination, computed at the schedule of premium rates in effect on the date of issue.