Section 37-4-103 - "Consumer credit insurance" definedIn this title "consumer credit insurance" means insurance, other than insurance on property, 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 ten years after the extension of credit or insurance on which a payment is scheduled more than fifteen years after the extension of credit if the debt is secured by real estate;(b) insurance issued as an isolated transaction on the part 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.1988 Act No. 359; 1974 (58) 2879; 1962 Code Section 8-800.293.