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:

1. (a) insurance provided in relation to a credit transactionin which a payment is scheduled more than fifteen (15) years after the extension of credit; or
2. (b) insurance issued as an isolated transaction of the insurer not related to an agreement or plan for insuring debtors of the creditor; or
3. (c) insurance indemnifying the creditor against loss due to the debtor's default.

Laws 1969, HB 1001, c. 352, § 4-103, emerg. eff. July 1, 1969; Amended by Laws 1984, HB 1592, c. 41, § 1, eff. November 1, 1984.