1. (1) "Credit insurance" means credit life insurance and credit accident and health insurance.

2. (2) "Open-end credit" means credit extended by a creditor under an agreement in which:

   1. (a) the creditor reasonably contemplates repeated transactions;
   2. (b) the creditor imposes a finance charge from time to time on an outstanding unpaid balance; and
   3. (c) the credit available to the debtor is self-replenishing as the debtor repays amounts previously drawn.

Terms used in this rule are defined in Sections 31A-1-301 and 31A-22-802. Additional terms are defined as follows:

KEY: insurance law

Date of Last Change: March 25, 2022

Notice of Continuation: October 19, 2021

Authorizing, and Implemented or Interpreted Law: 31A-2-201