Pennsylvania Statutes Title 40 P.S. Insurance § 1007.2. Scope of act;  short title;  definitions

(a)(1) This act shall be known and may be cited as the “Model Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance.”

(2) All life insurance and all accident and health insurance in connection with loans or other credit transactions shall be subject to provisions of this act, except such insurance in connection with a loan or other credit transaction of more than twenty years duration;  and except such insurance in connection with a first real estate mortgage, provided however, that such insurance in connection with a first real estate mortgage on a new or used mobile home or dwelling trailer shall be subject to the provisions of this act regardless of the duration of the underlying loan or other credit transaction;  nor shall insurance be subject to the provisions of this act where the issuance of such insurance is an isolated transaction on the part of the insurer not related to an agreement or a plan for insuring debtors of the creditor.

(1) “Credit life insurance” means insurance on the life of a debtor pursuant to or in connection with a specific loan or other credit transaction.

(2) “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.

(3) “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 employe of any of them or any other person in any way associated with any of them.

(4) “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.

(5) “Indebtedness” means the total amount payable by a debtor to a creditor in connection with a loan or other credit transaction.

(6) “Commissioner” means the Insurance Commissioner.

(7) “Mobile home” means any portable structure or movable unit equipped to be drawn or travel on the public highways and streets that is used either temporarily or permanently as a residence home, dwelling unit, apartment or other housing accommodation or as an office.

(8) “Dwelling trailer” means any portable dwelling structure or movable dwelling unit designed, constructed and equipped for human use with a chassis or undercarriage as an integral part thereof, with or without independent motive power, capable of being drawn or driven upon the public highways and streets.