Section 408-A:2 - Scope and DefinitionsI. This chapter may be cited as "The Model Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance."II. All life insurance and all accident and health insurance sold in connection with loans or other credit transactions shall be subject to the provisions of this chapter except such insurance sold in connection with: (a) A loan or other credit transaction of more than 15 years' duration; or(b) A first real estate mortgage; or (c) A loan secured by a filing under the Uniform Commercial Code pursuant to RSA 477:44, IV.III. For the purpose of this chapter: (a) "Credit life insurance" means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction;(b) "Credit accident and health insurance" means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is disabled as defined in the policy;(c) "Creditor" means the lender of money or vendor or lessor of goods, services, property, rights or privileges, for which payment is arranged through a credit transaction or any successor to the right, title or interest of any such lender, vendor, or lessor, and an affiliate, associate or subsidiary of any of them or any director, officer, or employee of any of them or any other person in any way associated with any of them;(d) "Debtor" means a borrower of money or a purchaser or lessee of goods, services, property, rights or privileges for which payment is arranged through a credit transaction;(e) "Indebtedness" means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction, except, with respect to credit life insurance issued in connection with a loan or other credit transaction with terms greater than 75 months, "indebtedness" shall mean only the amount necessary to liquidate the remaining debt of a debtor in a single lump sum payment, excluding any unearned interest, unearned finance charges, late charges, or past due amounts more than 2 months delinquent. This exception shall not apply to leases;(f) "Commissioner" means the insurance commissioner of the state of New Hampshire;(g) "Credit unemployment insurance" means insurance on a debtor to provide indemnity for payments becoming due on a specific loan or other credit transaction while the debtor is unemployed or on leave as defined in the policy.1959, 66:1. 1973, 585:2. 1977, 406:1. 1985, 259:1. 1998, 385:1. 2000, 243:1, 2, eff. Aug. 7, 2000.