Section 26.1-20.1-01 - DefinitionsIn this chapter, unless the context otherwise requires:
1. "Insurance premium finance company" means a person engaged in the business of entering into or acquiring insurance premium finance agreements.2. "Licensee" means a person holding a license issued under this chapter.3. "Premium finance agreement" means an agreement by which an insured or prospective insured promises to pay an insurance premium finance company the amount advanced or to be advanced under the agreement to an insurer or to an insurance producer in payment of premiums on an insurance policy together with a finance charge. The term does not include an agreement to finance premiums when a life or disability insurance policy is made the security or collateral for the repayment of a debt.