Idaho Administrative Code
Title IDAPA 18 - Insurance, Department of
Rule 18.03.05 - CREDIT LIFE AND CREDIT DISABILITY INSURANCE
Section 18.03.05.010 - DEFINITIONS
Current through August 31, 2023
The definitions set forth in Chapters 2 and 23 are applicable to these rules. In addition, the following terms have the meanings set forth below. (3-31-22)
01. Closed-End Credit. A credit transaction that is not open-end credit. (3-31-22)
02. Compensation. Money or anything else of value. (3-31-22)
03. Credit Insurance. Means credit life insurance and credit disability insurance. (3-31-22)
04. Credit Transaction. Any transaction by the terms of which the repayment of money loaned or loan commitment made, or payment for goods, services or properties sold or leased, is to be made at a future date or dates. (3-31-22)
05. Identifiable Charge. The amount the debtor is charged for insurance which is disclosed in the credit or other instrument furnished the debtor which sets out the financial elements of the credit transactions, and including any differential in finance, interest, service or other similar charge made to debtors who are in like circumstances, except for their insured or noninsured status. (3-31-22)
06. Net Written Premium. A gross written premium minus refunds on terminations. (3-31-22)
07. Open-End Credit. An arrangement as defined in Section 28-41-301(26), Idaho Code, including revolving charge accounts. (3-31-22)
08. Pre-existing Condition. A health condition, including sickness or injury, for which there has been medical advice, diagnosis or treatment within six (6) months preceding the effective date of the debtor's coverage and which exists prior to the effective date of the coverage. (3-31-22)
