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.
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